The global smart home solutions market, which shrank last year due to the new coronavirus infection (COVID-19) pandemic, grew 44% this year, reaching $100 billion for the first time.
This was expected to be exceeded.
Global consumer spending on smart home solutions increased by 44% from last year to $123 billion (140 trillion won), according to a report by US market research firm Strategy Analytics.
Despite the COVID-19 pandemic, global consumer spending on smart home products and services increased from $51 billion in 2015 to $74 billion in 2017 and $95 billion in 2019.
Consumer spending increased to $123 billion, and the number of households with smart home systems increased to 270 million, 15% of the total : 6 million households, up 8.7% from last year.
SA also predicted that by 2025, consumer spending will reach US$173 billion, and the number of households with smart home devices will reach 402 million, close to 20% of the total.
North America accounted for 40% of the total smart home market, followed by Asia Pacific (29%), and Western Europe (22%). (18 percent ).
Globally, smart home security systems are outpacing smart lighting and electronics.
The number of smart home households in Asia-Pacific is rapidly increasing, but spending per household is half that in the US.
SA expects this region to have the world’s largest smart home market by late 2020.
Price reductions for smart home products, allowing consumers to use multiple devices with ease, SA found, aided the market’s growth.