Report: North America Dominates Global Smart Home Market With $40 Billion in Spending

Share:

According to a new report from Strategy Analytics, the global smart home market reached $84 billion in 2017, an increase of 16% from the $72 billion recorded in the previous year.

The growth is expected to continue for the next several years, albeit at a slower pace, with the worldwide market hitting $96 billion by the end of this year and growing at a compound annual growth rate of 10% through 2023 to hit $155 billion by the end of the period.

Global Smart Home Market

According to the report, North America will dominate the spending at $40 billion, or 41% of the total, with most of that money going to well-known brands like Amazon, Google (Nest), ADT and Samsung.

The Strategy Analytics report confirms other research from Park Associates that found that 20 to 25 percent of U.S. broadband households plan to buy a smart device within the next year, so tech support companies and service providers are starting to invest more in support resources focusing on solutions for the broad array of these products, such as in-home consultation services.

“The market continues to mature,” stated Bill Ablondi, Strategy Analytics’ director of smart home strategies advisory, in a prepared statement regarding the new report. “Consumer awareness is rising, prices are coming down, and the technology is becoming more intuitive. Yet, there is still a high degree of fragmentation, with numerous firms competing for smart home consumers. Who will ultimately succeed in capturing growth in this market remains unclear.”