Smart home market to exceed $14B in 2017

August 22, 2017 // By Rich Pell
Smart home market to exceed $14B in 2017
A new report by market research firm IHS Markit forecasts the global smart home market to exceed $14 billion in 2017, with 10 percent of homes being smart by 2025 worldwide.

Fewer than half of a percent of homes in the Americas region had connected devices in 2010, and that is expected to have grown to nearly 7 percent of households in the region by the end of 2017. The average number of connected devices per home is expected to be six, says the report, including thermostats, lighting, security, and entertainment products.

In 2017, the Americas region represents 48 percent of the $14.7 billion in global revenues of smart home devices. By 2021, the region comprising Europe, the Middle East, and Africa is expected to represent the largest portion of device revenue with a 42 percent global share.

Asia however is expected to dominate in terms of unit shipments. By 2021, it is forecast to represent about 46 percent of unit shipments, with light bulbs, air quality sensors, and video cameras among the devices leading the shipments.

According to the report, the top smart home devices to watch in terms of unit shipment growth include radiator valves, air quality sensors, smart speakers, and appliances. Smart radiator valves are currently mostly shipped to Europe, with Asia "gaining traction," and are expected to become part of smart home systems - especially in countries like Germany - where district/common heating is popular.

Air quality sensors are seeing growth across all major regions, but by 2021 the Asia region is expected to represent 95 percent of the air quality device market. Smart speakers, says the report, "will continue to be one of the most disruptive trends in smart home through 2021," with voice assistants in the smart home gaining significant traction across all major regions.

Smart appliances are expected to be the most shipped device type in 2021. However, while many are equipped with Wi-Fi capability, manufacturers will need to do more to encourage consumers to connect such products to their networks as the number of appliances that are actually being used with a mobile

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