Smart Home revenue forecast in the segment Control and Connectivity worldwide until 2023

With strong advances made in artificial intelligence domain, the smart home is poised for rapid growth. This is reflected by the spat of acquisitions made by large technology firms such as Nest’s and Ring’s acquisition by Google and Amazon respectively. Increasing investments in smart homes technology and changing perspective of consumers of smart home security from luxury items to typical household items is expected to contribute to growth of smart homes.

Rise of IoT in smarthomes

Companies specializing in smarthome Security application typically have the highest median value suggesting growing importance of security in smarthomes. Recent advancements in IoT field has resulted in smoother implementation of IoT in smarthomes paving way for a broad range of firms to enter this field. As the sensor technology utilized in IoT technology more inexpensive and wide spread resulting it would result in greater use of these sensors in smart homes. In addition, enhanced mobile connectivity would allow new applications of smarthome to be integrated with smartphones.

Smart Home - revenue forecast for the segment Control and Connectivity worldwide from 2017 to 2023

Revenue in million U.S. dollars
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Source

Release date

September 2019

Survey time period

2019

Supplementary notes

The Smart Home segment Control and Connectivity includes the essential equipment (connected and remote-control devices) and services that are part of an intelligent home network. The segment includes smart speakers (Amazon Echo, Google Home, etc.), central control and communication units (hub/gateway), programmable control buttons (e.g. wall switches and adjustable dials) and smart plugs for the control of non-smart devices. Revenues are also generated from services that support these hardware elements such as control apps and connectivity services. In previous releases, the products included here were part of the Home Automation segment. Heating controls are not included (see Energy Management).

*Regions only include countries listed in the Digital Market Outlook.

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Statistics on "Internet of Things (IoT)"

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