The promising future of the smart home industry

2 min. reading
Climate change, Digitalisation, Smart cities / 6 July, 2022
The promising future of the smart home industry

Karla García Gil Journalist

Over the last few years, a technological boom has permeated most people’s lives. Homes are not exempt from this, which have moved from a simple modern concept to become “smart homes“.

Smart homes are synonymous with security, comfort and savings, all through the optimization of resources. The development of the technologies that have made this possible, allows many homes to be equipped with smart devices of all kinds and according to the outlook, the future of this industry is very promising. Data from Statista reveal that the revenues of this segment could reach 9.59 billion dollars this year and 12.58 billion dollars by 2026.

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In this context, it is estimated that there are 131 million smart home speakers, a figure that could rise to 300 million over the next four years, growing by 128 percent.

Other devices such as large (120%) and small (115%) smart home appliances, smoke detectors (117%), home security cameras (111%), and hubs (33%), also known as gateways or controllers, which allow the user to add or remove other Z-Wave network-enabled devices, making it possible for all devices to talk to each other, will also increase.

As already mentioned, the smart home sector is a rapidly expanding market, driven by B2C demand, a type of transaction in which companies sell products or services to consumers. The home has become the main center of people’s operations in the wake of the pandemic, and activities such as home office have led more and more people to want to digitize their homes, equip them with voice control or implement additional security measures, all through Internet of Things (IOT) technology.

The IOT is the network of physical objects that contain software, hardware and sensors in order to connect and exchange data with each other via the Internet. These devices (or things) range from common household appliances to the most advanced tools.

It is estimated that the global Internet of Things market will reach a value of up to $1.1 trillion by 2024, according to Globaldata, which also indicates that this growth will be driven mostly by wearables. Much of this growth will originate in the Asia-Pacific region, with China and Japan being key markets in the industry.

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