Sales Of Smart Devices Will Surpass Smartphones In Just A Few Years
Demand for smart-home devices will eclipse smartphones within five years, according to new data from Strategy Analytics, driven by lower pricing, improved user experiences, rapid technology developments, and compelling user applications and services.
The research firm stated that consumers bought 663 million connected devices globally last year, with sales of $84 billion. It is 16% higher than in 2016. The sales are expected to phenomenally increase to $155 billion by the year 2023. Sale of smartphones, on the other hand, is expected to reach about 1.86 billion units globally by 2023.
North America will be responsible for 41% of the total purchase followed by Asia-Pacific and Western Europe. The category seeing the most growth this year will be smart speakers which have seen a growth rate of 109%. Other devices seeing a rapid increase are connected smoke detectors, smart door locks, smart light bulbs, gateways and hubs, and security cameras.
The reason behind this trend is the rise of the smart home concept along with the many features of safety and convenience they offer. The company advises the retailers to understand the obstacles to consumer adoption along with identifying the services and products the consumers will find attractive and useful.
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