Smart Home: an industry with a lot of potential in the near future

An intelligent home, or Smart Home, is a home that awaits equipment controlled remotely by computers, cell phones or any device that is connected to the Internet, either through an application or a particular program.

Homes around the world are becoming increasingly smart as people want to digitize their homes, equip them with voice controls, additional security measures, lights that turn on or off without switches, autonomous appliances, among others.

According to a Statista analysis, more than 130 million homes are home to at least one smart speaker, and that number is expected to reach 335 million in the next five years. In terms of security, 77.5 million homes have smart security cameras and will exceed 180 million.

As for large household appliances, 73 million homes have smart appliances and it is estimated that in five years they will exceed 177 million. Meanwhile, small appliances are found in 72 million homes and are expected to grow to 172 million.

On the other hand, smart smoke detectors are found in only 48 million homes; however, they will exceed 116 million; and, finally, we find smart interfaces, present in 39 million homes and which will rise to 55 million.

As a whole, smart home security devices were valued at $2.14 billion in 2018. Last year, this market reached $2.69 billion in revenue. By 2025, it is forecast to grow by more than $5 billion.

It is further predicted that global spending on Internet of Things products will reach $1.1 trillion by 2023. This trend has protected the Smart Home market and will continue to do so, against the decrease in sales and the economic crisis since 2020.

The industry in Mexico

There are currently 2.79 million homes belonging to the Smart Home market in the country, according to the study by We Are Social and Hootsuite, Digital 2022, the sector and its devices generate in Mexico around 1 billion dollars in sales, growing at double digits every year.

By category, security products lead sales with US$168.3 million and an average expenditure per user of US$119. This is followed by control and connectivity devices, which generate revenues of 116.6 million dollars and an average expenditure of 90.42 dollars, and finally, entertainment equipment with a value of 135.4 million dollars and a per-user expenditure of 112 dollars.