Smart Home Devices that are growing the Fastest
Are you in the market for smart home technology? If not you should be… The market is growing at a fast rate and isn’t predicted to slow down anytime soon. Devices that are expected to be a part of this growth are internet connected lights and smart home security products. But for now smart home speakers are dominating the market.
“Hey Alexa, what do you expect for the smart home device market in the coming years?”
Between this year and 2022, experts estimate the global smart home device market to grow by as much as 11% annually. This yearly growth will be largely driven by the rapid rise of smart speakers, where Amazon Echo, Google Home, and Apple HomePod are dominating sales.
“The scale of future demand suggests that there are huge opportunities for vendors that are able to take the lead in improving how people manage and organize their homes.”
We can expect for our day to day life to become more efficient, thanks to these smart devices. Smart home devices will continue to evolve in being able to have a better sense of what we as the consumer wants. It will be able to pick up on patterns and preferences, beyond the day’s calendar and general weather updates.
It is uncommon at this point to find a smart-home device that does not work with Amazon Alexa or Google Assistant. The widespread use of voice assistants in the home has occurred while the main smart-home use cases remain broadly unchanged: monitoring, diagnostics, remote control and automation.
“Smart home Darwinism will weed out devices unable to comply with broad eco-system of smart devices and home networks.” – Forbes
Where to next? The industry sees AI as the next big development. This comes as no surprise, since AI has been talked about for quite some time. More than controlling the devices in their homes, consumers will be surrounded by technology that learns their routines and moods, and adapts accordingly.
There will be plenty of room for growth within the key established categories of security, climate control, lighting and power categories.
Security and monitoring is the most established area of the smart home, and in the U.S. saturation is expected to pass the 50-percent mark this year. This is due to two key sub-categories: smart security cameras and video doorbells.
Climate control is the second most successful area of the smart home. Fourteen million smart thermostats shipped in 2018, with more than two-thirds in the U.S. and Europe. China, the leading market for smart appliances, including smart air conditioners, offers potential in smart thermostats, not least because unit prices are about half of those in the U.S. and Europe.
Lighting is less established than security and climate control but growing faster than either category. It also sells for lower unit prices and bundles well in retail with smart speakers, which have led to a new wave of smart lighting that does not require hubs or bridges.
“As more technology and innovations are brought to the market, automation will make the home experience simpler and more pleasant. Next year will see an increase in the gadgets released in the IoT sphere.” – Alexandro Pando, Xyrupt
Smart home technology will only get better, more affordable, and more involved in our daily lives. Invest in your smart home today…