Smart Home Devices Expected to Experience Double-Digit Growth Through 2022
IDC’s Worldwide Quarterly Smart Home Device Tracker shows an anticipated 31% growth year over year in 2018, contributing to a forecasted 20.8% growth by 2022. Smart speakers with voice assistants are the fastest growing category.
The primary hinderances in smart home device adoption continue to be privacy and security. Vendors are challenged to maintain security solutions for smart devices as well as educate consumers about safeguards while raising awareness about the benefits of sharing data.
Home monitoring and security devices include door and window sensors, door locks, and IP cameras. Despite the limited demographic of customers, these smart devices have the greatest potential for growth, accounting 19.4% of the smart home market by the end of 2022.
- Smart home monitoring and security devices primarily target homeowners as there isn’t a lot of value for consumers who live in apartments.
- Products that fall in the realm of smart TVs and adapters like Google Chromecast, Apple TV, Fire TV and Roku devices are on track for growth, serving as a gateway into the smart home market.
- Google Assistant and Amazon Alexa dominate the smart speaker category, while Siri, Cortana, Bixby, Xiaomi, and Alibaba become more widely available.
For more information on IDC’s five year growth forecast of smart home devices, click here.