Smart Home Market Trends Globally
What are the trends and numbers for Smart Home market globally.
Most likely it does not come as a surprise to anyone that the general market of smart home devices is growing. But what might be astonishing is the rate of the growth. When to look at different articles the numbers vary (it is not 100% agreed upon what exactly belongs under this segment and the methods of gathering data are different) but the fact is it’s growing about 10-15% in a year prognosed to reach more then 200bn USD in 2026.
If to look at the statistics for 2016 then it’s basically a tenfold growth during 10 years! And we should not forget that there have been many factors negatively influencing this growth from COVID-19 to chip shortage.
The biggest growth is prognosed for Smart Appliances, i.e. just these kind of smart helpers like robot vacuums, robotic lawn mowers and similar.
And that’s not surprising at all considering that the amount and quality of different smart home devices has grown significantly and at the same time price has gone down. What’s more important, the price decrease is just in it’s beginning phase.
More than 1/4 of the revenue in 2022 is prognosed to come from US and US will be the driving factor for the smart home market also in the oncoming years with China following.
These numbers by Statista are actually quite pessimistic compared to some data sources. Verified Market research puts the CAGR (compound annual growth rate) to 23.59% and Mordor Intelligence to even 25.3% with prognosed market sizes in the next 5 years nearing 0.5 trillion USD!
Most likely the truth is, as always, somewhere in the middle but we are definitely in the beginning phase of a huge growth for smart home market and various smart devices in general. It will be interesting to see how things will actually turn out to be in the next years but I don’t see any reason for these prognosis to not fulfill. Most of the smart home devices are built and designed to truly be helpful around your home, not just some gimmicks. And if these come with a reasonable price, then why not buy them?
I hope you got some insight from this quick post! There will be additional postings related to interesting facts & data about the world of smart home coming soon!
Wish you all the best!
Lauri
