Smart home: facts and figures

It is a fact that our homes are becoming smarter. The smart home sector is consequently growing at a rapid pace, but how big is this sector, really? Who are the players to watch? What are the major challenges that the smart home industry faces? We gathered all essential facts and figures for you in this article.

According to data collected by research agency ABI Research, the smart home market is one of today’s fastest-growing markets. In 2018, we spent a global total of $56 billion on smart applications for use in and around our homes. This figure is expected to grow to $123 billion by 2022. The largest subsector of the smart home market is that of home security. According to research agency Markets and Markets, we will spend more than $74 billion on smart smoke detectors, alarm systems, security cameras and other security products by the year 2023, compared to $40 billion in 2017.

6 Submarkets

No matter how large the market is, it is still in its infancy. Countless businesses are looking to get in on the action and enter one or more submarkets, which means consumers can choose from a wide range of brands. ABI Research identifies more than 150 producers in six submarkets:
 

1. 1. Entertainment and media (e.g. home-theatre systems)
2. 2. Energy (e.g. climate control)
3. 3. Security (e.g. burglar alarms)
4. 4. Household appliances (e.g. air-quality systems)
5. 5. Health (e.g. health-monitoring systems)
6. 6. Personalisation (e.g. voice-controlled products)