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…
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