The market research firm said that global consumers bought more than 663 million smart home devices last year, with sales reaching $84 billion. This is 16% more than the $72 billion in 2016. It is expected that sales will increase to 1550 in 2023. Billion dollars, smart home equipment sales will reach 1.94 billion units.
At the same time, global smartphone sales are expected to reach 1.86 billion units by 2023.
North America will account for 41% of total spending ($40 billion), followed by Asia Pacific with $26 billion and Western Europe $17 billion.
According to Strategy Analytics, the fastest growing smart home product category this year will be smart speakers, which are expected to grow by 109% to 69 million units. Other fast-rising segments include smart light bulbs, connected smoke detectors, and smart doors. Locks, gateways and control centers, security cameras, and more.
Fast-growing smart home category
From the above table, we can see that the highest sales of smart home devices are smart speakers, smart light bulbs, networked smoke detectors, smart door locks, intelligent gateways and control centers, security cameras, etc. Other devices mainly include sensors and Detectors, smart switches and sockets, thermostats, controllers, digital health and other equipment.
'Smart homes have emerged as a popular concept in recent years, bringing a lot of new equipment opportunities for suppliers and technology developers,' said Bill Ablondi, Strategy Analytics Smart Home Strategy. 'The smart home equipment market is still in the growth stage, a lot Vendors are working hard to develop their own business.'
He added: 'The scale of future demand shows that suppliers have many opportunities to lead people to improve the management and organization of family life.'
At the same time, they also recommend that retailers actively identify and eliminate barriers to consumers' adoption of smart home devices and provide products and services that meet consumer expectations.