According to IDC 2017 global smart home device shipments total 433.1 million-- a 27.6% increase over 2016, a result set to increase to 939.7m device by 2022 with a CAGR of 18.5% over the forecast period.
The fastest growing category within the smart home market remains smart speakers such as the Amazon Echo and Google Home, while all categories except video entertainment products should see a double-digit CAGR over the same period. The market is also seeing some "significant" changes, as both vendors and customers are less interested in central hub devices and more in a common interface tying myriad smart devices together.
"While it's still early days for the smart home market-- and the wider consumer IoT ecosystem in general-- we expect to see considerable growth over the next few years, especially as consumers become more aware of and increasingly interact with smart assistant platforms like Amazon's Alexa and Google Assistant," the analyst says. "Whether in the form of a smart speaker or embedded in a thermostat, fridge, TV, or any other device, smart assistants are quickly becoming the cornerstone of consumer IoT by enhancing the accessibility, use, and functionality of connected devices, which will noticeably boost adoption rates in the near future."