According to IDC’s global quarterly smart home device tracker, the global smart home equipment market is expected to grow 31% year-on-year in 2018, reaching 644.9 million. The entire smart home market, including smart speakers, video entertainment products, connected lighting, smart thermostats and home monitoring/security products, is expected to have nearly 1.3 billion devices by 2022, with a compound annual growth rate of 20.8% over a five-year period. The fastest-growing category, with a compound annual growth rate of 39.1% in five years, nearly 100 million units in 2018, and 235 million units by 2022, will become smart speakers such as Amazon Echo and Google Home.
Jitesh Ubrani, senior research analyst at IDC Mobile, said: “Although dedicated smart speakers with built-in voice assistants will be popular throughout the forecast, we have seen significant changes in this market.” “Many new devices inside and outside the home are now Includes built-in voice assistants. These devices not only help increase the number of touchpoints available to end users, but also help each assistant grow and gain insight into the content, time and manner of the user’s various tasks by expanding coverage.”
The privacy and security of smart home devices remains one of the key factors, as IDC’s recent consumer Internet of Things. However, IDC remains optimistic about the market’s prospects, as the convenience of smart home devices often exceeds concerns.
Adam Wright, senior research analyst at IDC Consumer IoT Program, said: “When considering the deployment of smart home devices, most consumers put security and privacy first.” “In addition to having enough equipment to bring the device to market In addition to security solutions, vendors must respond to consumer concerns by appropriately educating them about privacy protections and increasing their awareness of the benefits of shared data, which can ultimately provide better data over time. Equipment and services.”
Smart home equipment category highlights
Video entertainment products are mainly composed of smart TVs and digital media adapters, such as Google’s Chromecast, Apple TV, Fire TV and Roku devices. As the center of the living room, this category is expected to grow. It is expected to reach 457.5 million units by 2022, with a five-year compound annual growth rate of 10.9%. For many brands and consumers, this category is expected to be the gateway to the smart home ecosystem, so IDC expects significant competition in terms of content and price in this category.
Home monitoring/security equipment, from door/window sensors to door locks and IP cameras, is expected to account for 19.4% of the smart home market by the end of 2022. Although this category faces great potential with a five-year growth rate of 27.3%, it is still targeted at a limited consumer base, especially homeowners, as most products still do not provide much value to consumers living in apartments.
Although smart speakers have become the focus of attention today, it will become the third largest category in 2022, as many vendors offer products that support Amazon Alexa or Google Assistant. Siri, Cortana and Bixby are also expected to build a wide range of usability, although none of these assistants will challenge Google or Amazon’s position in terms of unit shipments. Although a large part of the market will not be able to run on these platforms, IDC expects that most of these smart speaker markets will flow to China, and established companies such as Xiaomi and Alibaba have already taken a large share.
Connecting lighting, thermostats and other products will complement the smart home market, providing users with a complete ecosystem of products and services to control and monitor their homes. The five-year compound annual growth rate for these categories is expected to reach 26.9%, while lighting products (such as Philips Hue) account for almost one-third of shipments. Although thermostats are popular in North America, they will face more growth in other parts of the world, as many countries do not use central HVAC systems and therefore do not require dedicated thermostats.
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