State of the Smart Home

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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.

Key findings

  • 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.

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State of smart home 2020 Data Tables
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