The latest research report "Global Smart Home Market 2019" released by market research firm Strategy Analytics predicts that by 2019, consumers will spend $103 billion on smart home related hardware, services and installation costs (about 734 billion). Yuan), and will grow at a compound annual growth rate of 11% to $157 billion in 2023.
The report predicts that sales of smart home devices will exceed 880 million units in 2019; equipment spending will be $55 billion, accounting for 54% of total expenditures, and will grow at a compound annual growth rate of 10% to $81 billion in 2023.
The report shows that in Asia, Korea Telecom and LGU+ have accumulated millions of smart home users in Korea. Xiaomi and China Telecom are the most active in China; Panasonic and ITSCOM are the most active in Japan. The US market is led by ADT, Comcast and Vivint. In Western Europe, Centrica Connected Homes, Deutsche Telekom and Verisure have driven the market through remote self-monitoring, energy management and interactive security products.
By the end of 2018, more than 200 million households worldwide had at least one smart home device. The report predicts that by 2023, with 30% of broadband households worldwide using smart home devices, the number of homes using smart homes will increase by another 100 million. By the end of 2023, more than 6.4 billion smart home devices will be in use, or an average of 21 devices will be used in every home that uses smart homes.
Jack Narcotta, senior industry analyst at Strategy Analytics Smart Home Strategy Research Services, said: "From 2018 to 2023, unit sales of smart home devices will grow by more than 20% annually. During the forecast period, sales of electrical equipment categories lead. , followed by smart bulbs. The entire electrical equipment will also generate the most revenue during the forecast period, followed by surveillance cameras."
Bill Ablondi, Director of Strategic Analytics Smart Home Strategy Research Services, added: "As people's awareness of the capabilities and benefits of smart home solutions continues to increase, consumer use of smart homes continues to grow. Smart home products and services are broader. Consumers will also be cheaper."