The market for smart home technology will only grow bigger in the next five years. Devices expected to enjoy major growth are Internet-connected lights and smart home security products. At the moment, smart speakers are at the forefront of such a boom.
Between this year and 2022, experts estimate the global smart home device market to grow by as much as 11% annually. This yearly growth will be largely driven by the rapid rise of smart speakers, where Amazon Echo, Google Home, and Apple HomePod are dominating sales.
After smart speakers, smart lighting and home monitoring devices are estimated to grow annually by as much as 26% and 23%, respectively. The combined market sizes of these three categories are valued at $33 billion.
A Sleeping Giant
Even with these categories combined, their estimated value is but a fraction of the largest and slowest-growing category: video entertainment. According to IDC, this category is expected to grow at an annual rate of 9%, valuing the market at$200 billion.
Smart TVs, media adapters, and streaming boxes fall under this huge category.
More Room for Innovation
The figures may mean little to consumers, but it does show that smart home devices aren’t just a fleeting trend. Their growing prominence in the market will only bring about better innovations and more price points. That is all in an effort to win over old and new buyers. As IoT devices improve, it will only translate into more convenience and better accessibility for anyone building their own smart home.
Make Your Home Smarter with HelloTech
Creating a smart home is, arguably, no longer a pipe dream for most households due to lower costs and compatibility with voice-based vocal assistants. If you’ve got a growing collection of smart home devices, HelloTech can set up these devices and demonstrate how it all works.