According to IDC, the global smart home device market is set to grow by 31% in 2018 to reach 643.9 million units shipped, before growing to reach nearly 1.3 billion devices by 2022 at a CAGR of 20.8%.
The analyst puts smart speakers, video entertainment products, connected lighting, smart thermostats and home monitoring/security products under the "smart home device" umbrella. The fastest growing product category is, perhaps unsurprisingly, smart speakers, accounting for 100m units in 2018 and 230.5m by 2022 with a 5-year CAGR of 39.1%.
"While dedicated smart speakers with built-in voice assistants will be prevalent throughout the forecast, we're already seeing a notable shift in this market," the analyst adds. "Many new types of devices, both inside and outside the home, now include built-in voice assistants. Not only do these help to increase the number of touch points available to end users, but it also helps each assistant to grow by expanding reach and gaining a deeper understanding of what, when, and how users approach various tasks."