Smart home device sales to exceed smartphones by 2023
By 2023, smart home devices will be as common as smartphones nowadays. Even more, rising consumer awareness, lower prices, and fast-developing technology will mean that smart home devices sales exceed smartphones at that time, according to a report from Strategy Analytics.
Consumers worldwide bought over 660 million smart home devices in 2017, totaling $84 billion, and this will increase to 1.94 billion devices in 2023, at which time sales of smartphones will be 1.86 billion, according to the report.
In 2016, China saw the highest growth rate in smart home devices. Its smart home market exceeded 140 billion yuan in 2017, an increase of more than 23 percent year-on-year, and it is estimated that the market size will reach 170 billion yuan in 2018, news portals reported, citing a recent report on the domestic smart home devices market.
Smart speakers top the list, with a growth rate of 109 percent in 2018. Home security cameras, smart light bulbs, smart door locks, and digital thermostats, gateways, and sensor devices also saw good growth. As for methods of control, about seven out of 10 people still prefer using the smartphone rather than voice commands.
Bill Ablondi, Director of Smart Home Strategies of Strategy Analytics, pointed out that the smart home device landscape is still in its formative stage and multiple players are fighting to establish a presence. The scale of future demand suggests that there are huge opportunities for the vendors able to take the lead in improving how people manage and organize their homes, noted Ablondi.