Is Your Home Getting Smarter?
The Internet of Things (IoT) is an important component of the new digital era and a crucial focus of the new wave of the industrial revolution. Cloud computing, big data, and artificial intelligence, combined with IoT, will form the future information interaction system. Over the past few years, the Smart Home market has grown rapidly as IoT applications continue to develop and new consumer-demand-driven ecosystems emerge.
Smart Home technology started spreading fast in the early 2000s, and newly available technologies became more accessible and affordable for many consumers. From home networking and electronics to technology systems, the Smart Home has become ubiquitous in the current market. The Smart Home industry market in the Top 5 countries, namely, the United States, China, Japan, Germany, and the United Kingdom continues to grow with the rapid development of information technology and the proliferation of devices, systems, and services. The global Smart Home consumption market, devices, systems, and services, reached nearly $143 billion in 2022 from $132 billion in 2021.
The United States was one of the first countries to enter the global Smart Home market. Currently, around 32% of American households are equipped with home automation systems, with the number of users expected to reach 53.1% by 2022. The Smart Home concept has been around for some time, but between 2015 and 2018, there was a noticeable uptrend that has continued in recent years, despite the pandemic. People's pursuit of a higher standard of living, together with their growing recognition of the benefits of having a Smart Home, has facilitated searches related to Smart Home technology.
With the increasing penetration rate of Smart Home in the United States, the market capacity continues to grow, and more and more technology giants enter the field of Smart Home. The future of Smart Home equipment in the United States has broad prospects. According to Statista's Global Smart Home Market Outlook 2021, the U.S. Smart Home device market was $23.3 billion in 2020, and it is expected to reach $49.98 billion by 2026, registering a CAGR of 12.18% from 2021 to 2026.
The Smart Home industry has rapidly grown and gained wide acceptance from the public. Many households have started using Smart Home devices, even if it's just one item, such as electric curtains or smart speakers. This increasing popularity indicates that people are interested in making their homes more convenient and comfortable with the latest technology. There is no doubt that more companies will join this trend in the future, providing innovative Smart Home products that will make our lives easier and more efficient.
Reference
1. Statista, "Global Smart Home Market Outlook 2021".
