Global smart home market set for rapid growth in near future

Recent years have brought a massive interest in smart home technology, with more average house owners embracing this sort of home solution.

According to data gathered by PreciseSecurity.com, the global smart home market revenue is expected to reach US$158 billion value in the next four years.

The global smart-home ecosystem is set to continue its rapid expansion, mostly due to the speed of 5G implementation.

Recent IoT investments by Google, Apple, Amazon, and Alibaba have transformed the landscape, providing opportunities for various companies.

In comparison, in 2017, the global smart home market was worth $43.4 billion. Since then, the industry revenue doubled and is expected to reach $91 billion value this year.

The statistics indicate the overall market will show an annual growth rate of 15% by 2024.

Analysed by geography, the United States is the largest smart home market in the world, with $27.6 billion in revenue this year.

China ranked second with $20.8 billion profit.

Germany and the United Kingdom are both forecast to reach around $4.8 billion income this year.

With $4.7 billion in revenue, Japan ranked as the fifth-largest smart home industry globally.

The 2020 data also shows a third of smart home device owners are millennials.

Smart home technology provides homeowners security, convenience, energy efficiency, and comfort by allowing them to control smart devices through smart home apps.

The statistics show household penetration will reach 9.3% this year and continue growing to 19.3% by 2024.

Divided by categories, smart appliances generate the most significant share of the overall market income.

Global consumers are forecast to spend $21.5 billion this year on devices they can connect to smartphones or tablets for better control, convenience, and information.

This segment of the market is expected to jump to $39.6 billion by 2024.

With $21.1 billion profit in 2020, control and connectivity devices represent the second most popular consumer choice.

The statistics show house owners across the world will spend $19.4 billion on security systems this year, with smart security cameras and smart locks as the leading products.

This is expected to double and reach $35.6 billion value in the next four years.

The number of active households in the security segment is forecast to hit 196.9 million by 2024.

The energy management solutions are forecast to generate $7.2 billion income this year and jump to $12.4 billion by 2024.