Smart speakers driving adoption of smart home devices

November 03, 2017 // By Rich Pell
Smart speakers driving adoption of smart home devices
Market research and advisory firm Forrester Research projects that the installed base of smart home devices in the U.S. will grow at a five-year compound annual growth rate (CAGR) of 42%, powered by the smart speakers category.

The forecast is published in the firm's recent report " Smart Home Devices Forecast, 2017 To 2022 (US) ." The report considers several main categories of smart home devices: smoke/carbon monoxide detection systems, DIY home monitoring, professional home security systems, connected door locks, smart thermostats, smart lighting, electricity monitoring, dependent care monitoring, pet monitoring, garden and lawn, connected speakers, and smart speakers.

The report forecasts that smart home devices are expected to grow tenfold between 2017 and 2022, at which point one in five U.S. households will have at least one smart home device (excluding smart speakers). The growth is expected to be driven by smart speakers and the devices - such as smart bulbs and smart thermostats - that they can control.

Currently, the report finds that Amazon Echo is leading the race in the smart speaker category. Further related products from Amazon - such as the Echo Show - are expected to lead to more connected devices in a home.

The major inhibitor of smart home adoption is cost, says the report, with high monthly service costs a key concern of 53% of customers. Privacy and initial setup costs are also concerns.

A related webinar ( Smart Homes Forecast: US Adoption Of Smart Speakers And Their Online Retail Impact ) forecasts the adoption of smart speakers like Amazon's Echo and Google Home and how their adoption will impact online retail. Key takeaways include identifying the target audience for smart home devices and the primary drivers for adoption, the key drivers for the rise of smart speakers, and how the impact of increasing adoption of smart speakers on online retail will change consumer research behavior.

Forrester Research

Related articles:
Smart home market to exceed $14B in 2017
Home audio market: 'It's all about the voice'
Smart lamp embeds Amazon's Alexa voice control
Is voice the next big thing?
Audio control energizing microphone, speaker markets


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