Smart Home market is projected to grow five times by 2023

Last year the smart home market sold 41$ billions in products raging from cameras, speakers, lighting, doorbells and thermostat. According to the IHS Markit the global smart home market is expected to grow by a factor of five to reach more than 192$ billion. Fastest growing devices include lighting, smart speakers and connected major home appliances.

Chart showing smart home market growth from 2017 to forecast 2023

This smart home market grow its accounted through the calculation of number of internet users and increasing adoption of smart devices; increasing awareness about fitness and rise in disposable incomes in developing economies; increasing importance of home monitoring in remote locations; rising need for energy–saving and low carbon emission-oriented solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; large number of manufacturers expanding their smart home product portfolios; and growing concern about safety, security, and convenience among people.

The United States led all markets, accounting for 35% of global market revenue, followed by China at 18% shares

“The brilliance of the smart home is that it can be molded to suit the requirements of any kind of consumer, from the strictest demands of power users to the simplest automation needs of dabblers,” said Kozak Principal Analyst for Smart Home and Security Technology at IHS

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