Consumer smart home spending share worldwide by region 2023

In 2023, the North American region is projected to have 40 percent of the worldwide market of consumer spending on smart home systems. Asia Pacific is expected to have the second-largest market share, at 30 percent.

What is inside a smart home?

Consumers tend to be interested in easy-to-use devices that provide some level of savings in terms of time, electrical energy, or money. For example, smart assistants, smart speakers, and smart sensors such as door locks and light switches, are some of the most popular types of smart home devices. In contrast, smart kitchen devices have not been as popular, though it is also a fast-growing market.

North America: a profitable market

As the region with the largest share of consumer spending, North America's internet of things (IoT) market is worth almost 400 billion U.S. dollars as of 2019. Consumer electronics, which include smart home systems and items, is the largest-sized IoT application on the market. Smart homes sales alone are expected to amount to around 4.5 billion U.S. dollars in 2019.

Forecast consumer spending share on smart home systems worldwide in 2023, by region

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Source

Release date

September 2019

Region

Worldwide

Survey time period

2019

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