New Research: Smart Home is Big & Getting Bigger

Strategy Analytics logoIn a new updated report by market research firm Strategy Analytics, the global smart home market is said to have had a great 2017 and updated forecasts expect industry sales of this technology to continue to rise ever higher to an expected $155 billion by 2023.

See these updated smart home market estimates…

Thanks to a plethora of new products targeted for the smart home market from major players such as Amazon, Google (Nest), ADT and Samsung, Strategy Analytics says consumer adoption is picking up speed. Their latest report, titled the 2018 Global Smart Home Market Forecast, looks at the status of the smart home market not just in North America, but around the world.

According to the SA report, the global smart home market in 2017 hit $84 billion, a full 16% more than the $72 billion achieved in 2016. They forecast that for 2018, the market will grow to a robust $96 billion, again on a global basis. These figures are meant to represent the total of industry sales for smart home devices, systems, and services.

Strong Global Growth Over Next Five Years

SA goes on to project that the market will continue to grow on a 10% CAGR (compound annual growth rate) for the five-year period of 2018-2023. This is how the company calculates the 2023 market value of $155 billion, as mentioned above.

Smart Home growth projections

This chart shows Strategy Analytics forecast for growth in the global smart home market

“The market continues to mature,” stated Bill Ablondi, Director of Strategy Analytics’ Smart Home Strategies advisory service. “Consumer awareness is rising, prices are coming down, and the technology is becoming more intuitive. Yet, there is still a high degree of fragmentation, with numerous firms competing for smart home consumers. Who will ultimately succeed in capturing growth in this market remains unclear.”

North America Gets the Lion’s Share

While these figures again are for the global total, the researcher did provide a glimpse of the smart home market here in North America. According to SA, North America is expected to represent 41% of the total spending in 2023. This calculation equates to a total market value of $40 billion for North America. The next closest region is projected to be the Asia-Pacific region, whose market share is expected to be around $26 billion in 2023, followed by Western Europe at $17 billion.

While ruler straight lines in industry forecasts graphs always strike me as a little suspicious, it nonetheless shows a “best guess” at where the smart home market is heading. That looks like a train that many of us should be jumping on.

Learn more about Strategy Analytics by visiting:

About Ted

A sales and marketing specialist - primarily in the technology industry - I've experienced a sort of "circle of life" in business. I've been a mass merchant retailer, a specialty retailer, a specialty manufacturer, a large volume manufacturer, a distributor, and even represented sales representatives. Now the owner of a marketing company that works with a variety of businesses on improving their strategic marketing and business development - I analyze issues from all angles to develop holistic solutions.

Comment on this Post

Your email address will not be published. Required fields are marked *


We welcome your comments and encourage you to participate by offering your insights and thoughts on our posted stories. However, in some instances, your comment may be subject to editing or deletion if they violate one or more of the following points.

    --First, while we support vigorous debate and are generally quite tolerant of even controversial thoughts and ideas - we do not tolerate rudeness, profanity, or personal attacks.
    --Second, please stay on topic with your thoughts.
    --Third, while links to relevant content are OK, we do not allow self-promotion or SPAM.

The owner of this site reserves the right to edit or delete any comments submitted to this site without notice. This comment policy is subject to change at any time.

This site uses Akismet to reduce spam. Learn how your comment data is processed.