Whether you’re on a first-name basis with Siri, Alexa or Google, you’ve likely spoken to at least one smart home assistant device in your home or office. According to the 2019 State of the Smart Home report, the United States smart home devices market was worth $10.4 billion in 2018 and is forecasted to exceed $33 billion in 2022.
As the market continues to grow at breakneck speed, companies race to innovate new product capabilities and uses, imagining what’s next in smart controls for lighting, energy efficiency and more.
IHS Markit has defined the scope of the smart home market to include all devices that have digital connectivity and act as part of a smart home, including point devices limited to Bluetooth, as well as devices that are part of a complete ecosystem of devices with machine-to-machine (M2M) connectivity. Research indicates that companies will seek to lower costs and increase accessibility to products while increasing functionality of existing devices, such as new application features.
Here are a few highlights from the smart home study:
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