The Smart Home Market Does Not Show Any Signs Of Slowing Down, Even In The Middle Of A Pandemic
Even with the global pandemic, the smart home market continues to grow. The figures from the International Data Corporation (IDC) forecast reported huge numbers for most of the modern smart home devices.
The data presented cover such product areas as set-top boxes, monitoring and security systems, smart lighting devices, smart speakers, etc.
If the forecast turns out to be correct, the total increase in growth in relation to last year is expected to be close to 4.1%. The biggest chunk of growth of 41.4% is expected to come from set-top boxes and other video entertainment devices. 19.5% growth is expected from the monitoring and security systems category and another 15.6% from the smart speaker category. All other products together will occupy 23.4% of the market. A five-year forecast of the same report has revealed that the CAGR (compound annual growth rate) will be 14% which results in close to 1.4 billion pieces of smart home devices by 2024.
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