According to the latest research, by 2023, the global demand for smart home devices will soon exceed the sales of smart phones.
Strategy Analytics research shows that in 2017, the global smart home equipment sales volume was 663 million. It is estimated that by 2023 this figure will increase to 1.94 billion.
The report stated: 'In 2018, the total expenditure on smart home-related hardware, services, and installation will reach nearly 96 billion U.S. dollars. It is estimated that by 2023 it will reach 155 billion U.S. dollars, and the compound annual growth rate will reach 10%.' Meanwhile, '2018 The annual equipment expenditure will reach 53 billion U.S. dollars, accounting for 55% of the total; in 2023 it will reach 78 billion U.S. dollars, accounting for 51% of the total expenditure, and the compound annual growth rate will be 8%.
The 2018 Global Smart Home Devices Forecast (2018 Global Smart Home Devices Forecast) This research report focuses on smart home devices that include: smart speakers, security cameras, smart light bulbs, smart door locks, digital thermostats, gateways, and sensor devices. and many more.
At the same time, the report also shows that the increase in demand for smart home devices is mainly due to factors such as price decline, service improvement, experience improvement, and rapid technological development.
The fastest growing categories this year are expected to be smart speakers, such as Amazon Alexa and Google Home, with growth rates exceeding 100%. Other fast-growing areas will include smart lightbulbs (such as Philips Hue), networked smoke detectors, and smart door locks ( Such as Amazon's August Smart Lock), gateways and control centers as well as security cameras (such as Google's Nest Cam) and so on.
Bill Ablondi, Director of Strategy Analytics' Smart Home System, said: In recent years, the emergence of smart home as a popular concept has brought a lot of new opportunities for suppliers and technology developers. At the same time, the field of smart home devices is still in its infancy. There are many Players are striving for market position. However, the huge market demand in the future shows that all players have a chance.