GITNUX MARKETDATA REPORT 2024

Must-Know Smart Home Industry Statistics [Current Data]

Highlights: The Most Important Smart Home Industry Statistics

  • It is predicted that by 2023, 54.4% of homes in the United States will have smart home technology.
  • The U.S. is the largest market for the smart home industry, making up about 35% of the global market share.
  • Enterprises in the smart home industry are expected to ship over 68 million smart speakers in 2023.
  • The smart home security market is expected to reach $32.5 billion by 2022.
  • Consumer spending on smart home systems and services in the U.S. reached $103 billion in 2020.
  • 70% of consumers are expected to purchase at least one smart home device by 2023.
  • 45% of people who use smart home products say energy management is a primary reason for their purchase.
  • The largest segment of the smart home market is Control and Connectivity, accounting for 25.3% of the total market.
  • It is estimated that there will be more than 300 million smart homes across the globe by 2026.
  • In 2020, there were 141.9 million smart home users in the US.
  • Currently, 33% of home owners in the U.K. own at least one smart home device.
  • Amazon’s Echo family products account for 70% of the US smart speaker market.
  • 76% of consumers say they have a better sleep with smart home devices.
  • There will be an estimated 64 billion IoT (Internet of Things) devices around the world by 2026, many of which will be used in smart homes.

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As we embark on the exciting journey that is the 21st century, technology continues to drive and shape our lives like never before. At the forefront of this digital revolution is the burgeoning smart home industry. With its promise to make our lives more convenient, safer, and even more environmentally friendly, many homeowners are eagerly integrating smart technologies into their household operations.

Unravel fascinating insights about this booming sector as we delve into the most recent smart home industry statistics and examine how these figures are not merely numbers, but an indication of our smart and connected future.

The Latest Smart Home Industry Statistics Unveiled

It is predicted that by 2023, 54.4% of homes in the United States will have smart home technology.

Painting a compelling picture of the future, this forecast hints at a significant shift towards smart home technology in the near horizon. By 2023, it’s projected that more than half of homes in the United States will embrace such advancements. The fabric of daily American life is set to be irrevocably changed.

This looming transformation points towards an explosive growth in the smart home industry in the next few years, which will only sharpen the urgency for businesses in this field to understand and exploit this rising trend. It provides a quantifiable timeline for anticipated market penetration, and ultimately, narrates the story of an industry on the cusp of mainstream adoption.

The U.S. is the largest market for the smart home industry, making up about 35% of the global market share.

In dissecting the vast web we call the Smart Home Industry, one fascinating gem rises to the top. Hailed as the colossus in play, the U.S contributes a whopping 35% to the global market share stamping its significance on the landscape. As we dive deeper through the layers of this industry, the importance of this information intensifies. Comprehending this makes us privy to the underlying patterns of the industry, highlighting the influence of the U.S on worldwide trends.

Furthermore, It propels potential players towards informed strategic decisions, illustrates the trajectory of industry evolution, and parallels the ripple effect of technological progress across the globe, largely guided by the U.S. This gem serves as a beacon guiding industry participants and watchers, bridging the gap between mere numbers and rich, actionable insights.

Enterprises in the smart home industry are expected to ship over 68 million smart speakers in 2023.

Underlining the buoyant momentum of the smart home market, the projection of over 68 million smart speakers shipping in 2023 casts a bright light on the sector’s ever-ascending trajectory. In the swirling epicenter of the Smart Home Industry, these figures serve as concrete proof of the undeniable reality: an increasing number of households are sweeping traditional interfaces off their tables, embracing this articulate technology with open arms.

The projected digits do not simply delineate a quantity; they speak volumes about consumer acceptance, market penetration, and industry growth. Viewed through this lens, the prominence of such a statistic in a blog post on Smart Home Industry Statistics becomes unquestionably justified—it’s the heartbeat echoing the industry’s growth, the wind beneath its wings.

The smart home security market is expected to reach $32.5 billion by 2022.

Projected to soar to $32.5 billion by 2022, the smart home security market stands as a testament to the thriving momentum of the Smart Home Industry. Such a forecast not only signifies the escalating global trust and demand for smart home security solutions but also underlines the tremendous growth potential of the industry.

In a blog post about Smart Home Industry Statistics, this figure offers insights into the scale and pace of the industry’s expansion, reaffirming the magnitude of its economic significance and technological influence. Essentially, it paints a picture of a future crafted by smart technology, broadcasting an invite to entrepreneurs, investors, and consumers alike to be a part of this smart revolution.

Consumer spending on smart home systems and services in the U.S. reached $103 billion in 2020.

Translating the language of numbers into an engaging narrative, the massive $103 billion expenditure by U.S. consumers on smart home systems and services paints an impressive panorama of the booming Smart Home Industry. Elevated to the limelight, this statistic not only outlines the magnitude of consumer commitments in 2020 but also sets a dynamic benchmark for companies in this domain.

It juxtaposes the transformative shift in consumers’ lifestyle preferences and tech-savviness, emphasizing the aggressive market demand. As we navigate through the smart home industry statistics, let this impressive figure be the beacon of understanding, offering intriguing market insights and indicating burgeoning opportunities for growth, innovation, and expansion.

70% of consumers are expected to purchase at least one smart home device by 2023.

Diving into the heart of the smart home industry, a significant revelation awaits. No less than 70% of consumers are projected to own at least one smart home device by 2023. This figure isn’t just a number, it’s a bold prediction that signals the tidal wave of change about to sweep across homes worldwide.

It is a crystal ball forecasting how households will embrace this technology, transforming everyday convenience from a luxury to a standard. This number highlights the potential market for smart home companies, signifying a gold rush opportunity that is too lucrative to ignore.

Such a statistic paints a comprehensive picture of rapid growth and consumer acceptance towards smart home devices, propelling it from the periphery straight into the spotlight of future trend discussions. It underlines the shift from the era of traditional home appliances to an age where automation takes centre stage, setting the stage for a revolutionary change in lifestyles and living standards. The smart home industry is gearing up to change the game, and this statistic is the scorecard everyone in the market should pay critical attention to.

45% of people who use smart home products say energy management is a primary reason for their purchase.

In deciphering the relevance of this eye-catching figure – 45% of smart home product users prioritizing energy management as their main purchase drive, one unravels a significant trend within the Smart Home Industry. This notable statistic echoes consumers’ increasing interest in smart technology developed for better energy efficiency. Therefore, offering an indispensable perspective for companies in the industry, they can use it to shape their product-development strategies and orientate their marketing messages.

Moreover, it also substantiates the broader shift towards environmentally-conscious technology, echoing the impetus to combat global energy challenges, making it a significant statistic for industry observers, investors, and policy-makers alike.

The largest segment of the smart home market is Control and Connectivity, accounting for 25.3% of the total market.

Undeniably, the smart home market is evolving rapidly and becoming increasingly diverse. However, the centerpiece of our attention here is the Control and Connectivity sector, holding sway over an astonishing 25.3% of the total market. This sizable piece of the pie establishes it as the undeniable titan among its peers in the smart home industry.

It’s akin to the beating heart in the body of smart home technology, reinforcing its pivotal role in orchestrating the various facets of a smart home. This robust prominence not only reflects the consumer’s preference for digitally overseen residences but even more fascinatingly, it shines a spotlight on where investments are ferrying hefty returns, carving a bold path for venture capitalists and tech entrepreneurs alike.

It is estimated that there will be more than 300 million smart homes across the globe by 2026.

Reflecting upon this forecast, one is swept away by the sheer magnitude of smart homes predicted to grace the global stage by 2026 – a staggering 300 million. This mesmerizing figure not only highlights the impending dominance of smart homes but also underscores the unstoppable momentum of the smart home industry.

As a beacon of the future, it defines the depth of potential for businesses, innovators, and consumers within the sphere of smart home technology, mapping out a future where convenience, efficiency, and connectivity reign supreme in our daily lives. With a number so huge, it sends a powerful message to investors, entrepreneurs, and tech enthusiasts about the scale of opportunities awaiting in the vibrant smart home industry. If that’s not a testament to the transformative potential of smart home technology, then what is?

In 2020, there were 141.9 million smart home users in the US.

Highlighting the figure of 141.9 million smart home users in the US in 2020 portrays the booming demand and widespread adoption of smart home technology. This notable upswing paints the picture of a rapidly evolving industry, serving as a compelling compass for investors, tech developers, and strategic planners. Gauging this, readers can fathom the immense potential for innovation, the intensity of market competition, and new opportunities for growth within the smart home industry. Furthermore, it serves to emphasize consumer’s growing inclination towards a more automated, connected, and technology-driven lifestyle.

Currently, 33% of home owners in the U.K. own at least one smart home device.

Diving deep into the heart of Smart Home Industry Statistics, the revelation of “33% of UK homeowners owning at least one smart home device” serves as a crucial beacon of light, shining on the evolving landscape of the smart home industry. It gives the readers an insight into how the smart tech wave is steadily but assuredly engulfing the UK households – a critical snippet underscoring the penetration and acceptance of smart home technologies.

Moreover, it underlines a considerable market potential waiting to be tapped, thereby attracting potential investors, manufacturers, and innovators into setting their footprints in the thriving UK smart home arena. In essence, this statistic is like the lifeblood flowing through the vein of any rigorous debate or discussion about the future of the smart home industry in the UK.

Amazon’s Echo family products account for 70% of the US smart speaker market.

Highlighting the dominance of Amazon’s Echo products in the US smart speaker market, with a staggering 70% share, provides a vivid illustration of the company’s significant role within the broader Smart Home Industry. This striking figure underscores Amazon’s successful navigation, and potential direction-setting, in this rapidly evolving industry.

In the arena of smart speakers, a category pivotal to the smart home ecosystem, Amazon has established a considerable lead. This offers them a powerful platform to influence consumer trends, decision-making in related sectors, and the future development of smart homes in general. Thus, in any comprehensive discussion on Smart Home Industry Statistics, this piece of data is a must-mention aspect.

76% of consumers say they have a better sleep with smart home devices.

Unpacking this delightful sleep-related factoid, it’s readily apparent that smart home devices have become the nearly silent night aide-de-camp for an impressive 76% of consumers. The intriguing impact of this enlightening detail enhances the understanding of how deeply smart home technology has woven itself into the fabric of our everyday lives.

Diving deeper, it markedly substantiates the claim that these devices are no longer mere techno trinkets, but are being valued for their fascinating functionality that extends to incorporating comfort into our need for sleep. Furthermore, this vividly showcases a critical market priority for the home automation industry to focus on, ultimately driving future innovation and growth while better serving the end consumer. This is truly a lullaby of data that sings praises of a smart home’s potential in catering to our somnolent needs.

There will be an estimated 64 billion IoT (Internet of Things) devices around the world by 2026, many of which will be used in smart homes.

As we journey towards the future, the forecast of having around 64 billion IoT devices globally by 2026 paints an electrifying landscape of the smart home industry. As richly implied by this statistic, the heart of the revolution lies in its impressive potential for growth and pervasiveness. Homes around the globe are set to transform into hubs of connectivity and convenience.

This dramatic surge signifies that interconnected gadgets could soon become as commonplace as our furniture. It outlines an emerging trend of a rapidly growing market – one that’s embracing automation and artificial intelligence to cater to changing consumer lifestyles. This anticipates new opportunities for product innovation, underscoring the need for stakeholders to embrace tech-driving changes for staying relevant.

Moreover, the proliferation of IoT devices heightens the anticipation of a future where a digitally equipped home is more than just a luxury—it’s the norm. For businesses in the smart home industry, this signals the need to continually elevate their products, with each offering being more innovative, intuitive, and integrated than the last.

Indeed, in the grand canvas of the smart home industry, this statistic vividly outlines the skyrocketing demand for IoT devices, turning our once simple dwellings into smart homes of the future.

Conclusion

As we propel further into the digital age, the smart home industry shows no sign of slowing down. The curated statistics highlight the growing relevance of smart technologies in everyday home appliances, affirming an exponential growth trend. As consumers seek more convenience, security, and energy efficiency, the industry is bound to innovate with more sophisticated solutions, suggesting a promising and lucrative future.

Whether you’re an industry veteran, a budding entrepreneur, or a tech enthusiast, staying informed about these trends and statistics can open doors to myriad opportunities in this dynamic industry. Armed with this knowledge, one can stay ahead of the curve and leverage these insights to drive relevant strategies and decisions. The smart home industry continues to redefine our lifestyles, proving that the future, indeed, is now.

References

0. – https://www.www.zdnet.com

1. – https://www.www.marketwatch.com

2. – https://www.www.researchandmarkets.com

3. – https://www.www.nielsen.com

4. – https://www.www.sleepfoundation.org

5. – https://www.www.businessinsider.com

6. – https://www.www.statista.com

7. – https://www.www.grandviewresearch.com

FAQs

What is the projected growth of the smart home industry?

According to Statista, the global smart home market revenue is expected to reach approximately 141 billion U.S. dollars by 2023. The compound annual growth rate from 2020 to 2025 is projected to be around 12%.

What is the market penetration rate of smart home devices?

It's estimated that about 33.2% of homes in the U.S. were equipped with smart home devices in 2020, and this penetration rate is expected to hit 53.9% by 2023.

Which region leads in the adoption of smart home technologies?

North America, particularly the United States, is currently leading in the adoption of smart home technologies. However, growth is expected in regions such as Asia-Pacific, owing to the increasing awareness about smart home devices and their benefits.

Who are the key players in the smart home market?

Key players in the smart home market include Google, Amazon, Apple, Samsung, and Philips. These companies offer various products for home automation, security, lighting, entertainment, and more.

What are the main drivers boosting the market growth of the smart home industry?

The primary drivers include increased consumer convenience, improved energy efficiency, the growing awareness of safety and security, and rapid advancements in the Internet of Things (IoT), AI, and machine learning technologies. Additionally, as prices for these devices continue to decrease and consumer knowledge increases, the market is expected to expand further.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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