This report assesses the US market for smart home devices and route to market. It includes market estimates for 2017, 2018, and 2019; market forecasts from 2020 through 2024 in terms of revenue; and unit shipments with splits by route to market. Omdia defines the smart home market’s scope to include all devices that have digital connectivity and act as part of a smart home. This includes pointing devices limited to Bluetooth and devices that are part of a complete ecosystem of devices with machine-tomachine (M2M) connectivity. This report also defines a device as smart if it can be digitally commanded/controlled.
- The global smart home market was worth an estimated $121 billion in 2019 and is forecast to exceed $249 billion with a CAGR of 26.0% in 2024.
- The global smart home market is forecast to slow down rapidly in 2020 because of COVID-19; its revenue growth is forecast at 0.3%. The previous forecast for 2020, published in March 2020, was 37.8%.
- In terms of unit shipments, an estimated 482 million smart home devices were shipped globally in 2019. This number is forecast to exceed 1.1 billion in 2024.
- Omdia forecasts that about 493 million smart home devices will be shipped globally in 2020, down from the original forecast of 603 million that was made prior to COVID-19.
- In 2019, the consumer electronics device category was the largest, globally. It was worth about $60 billion and represented 49% of smart home device revenue. The second-largest category in 2019 was climate control, worth about $56 billion.
- In terms of route to market, retail will be the most popular channel through 2024 in the US; it will make up more than 90% of the route to market. In 2019, the security provider channel was the second-largest route to market in the US, representing about 4%. The “other” category was third in 2019, representing 1.2%. This “other” category includes insurance providers, specialists (Crestron/Control4), and independent contractors.