Smart home refers to a house in which interconnected devices and home appliances are performing certain actions in order to save money, time, and energy. The global smart home market revenue was forecast to reach a value of more than 141 billion U.S. dollars by 2023. Consumers from North America were forecast to spend the most on smart home systems and services in 2022, with a share of 40 percent of the projected global spending on smart home systems. The number of smart homes is forecast to grow and surpass the 300 million mark by 2023.
Smart home segments and applications
The present-day home automation systems permit the integration of various smart devices and appliances and their control through a central panel, sometimes accessible remotely via the Internet. Security and control systems have been among the most popular smart devices over the last years, as well as smart speakers , which were expected to reach 409 million in 2025.
A smart home can integrate the security alarm into a complex system, in which other actions are performed, such as blocking exits or providing access to surveillance footage via the Internet. The smart home security market is forecast to grow to 22 billion U.S. dollars worldwide in size by 2021. Next to smart home security devices, energy management and home entertainment are other important segments of the smart home market.
Smart spearkers worldwide
The United States and China have been the biggest markets for smart home applications in recent years, as it can be seen by the sales of smart speakers in those countries. China's share of the smart speaker market has increased significantly, reaching about a third of the global market (installed base) in 2019. The increasing popularity of smart speakers and smart home applications in general in China is also reflected in the market share of Chinese vendors. In 2019, Xiaomi, Baidu, and Alibaba combined, accounted for one third of the global smart speaker sales.
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In the following 7 chapters, you will quickly find the 40 most important statistics relating to "Smart home".