Smart devices are growing all over the world – Gadget
The global market for smart home devices grew by 11.7% in 2021 compared to 2020, with more than 895 million devices shipped, according to the International Data Corporation (IDC).
The research group’s Worldwide Quarterly Smart Home Device Tracker shows that the growth has occurred despite market volatility due to the coronavirus pandemic and its impact on supply chains as well as demand-side shocks.
The IDC predicts that the market for smart home devices will grow steadily over the next five years as smart home users expand their smart home ecosystems and seek out more sophisticated connected experiences. Market growth will also be driven by high broadband penetration and growing number of wireless home networks, although consumer concerns regarding privacy, security, cost and interoperability will limit the market development at the moment. ‘coming.
“The notion of ‘smart home‘ is now well and truly mainstream in many parts of the world,” says Adam Wright, IDC’s senior research analyst for consumer Internet of Things. “Smart home devices have proven their worth during the global pandemic by adding significant value to people’s lives at home, such as reducing social isolation, improving home security, and providing convenience and entertainment. , among other benefits.
“As we look to the future and supported by strong demand, the market is poised for solid growth despite continued disruptions to supply chains, logistics and uneven economies across the globe.”
North America held the largest share of unit shipments in 2021 and grew by 11.4%. The Asia/Pacific region was the second segment in terms of shipment volume with 31% of shipments and had a growth rate of 10.8%. Western Europe and Latin America posted solid growth of 14.8% and 11.2% respectively.
Jitesh Ubrani, research manager for mobility and consumer device trackers at IDC, says, “While there is a lot of growth to be had in the smart home market, there are still challenges. to be addressed as the lack of interoperability and longevity of small OEMs are issues that will negatively impact the market.While the upcoming Matter standard will help negate some of these concerns, OEMs will still need to offer a robust services component in addition to the material in order to stay relevant.
Networked video entertainment devices – such as smart TVs, streaming sticks and internet-connected set-top boxes – held the largest shipment volume with 34.7% market share and grew by 4 .8% in 2021. Smart lighting appliances are expected to see the fastest growing appliance category with a five-year annual growth rate of 23.6%. The growth of the market globally is fueled by increasing broadband penetration, rising disposable incomes, and growing consumer awareness of smart home devices and the cost savings, convenience, and energy efficiency that they can offer.
Smart home device categories by shipment volume, market share and CAGR, 2021 & 2026 (* forecast) (shipments in millions)
|product category||2021 Expeditions||Market 2021 Share||2026 Shipments*||Market 2026 Share*||2021-2026 CAGR|
IDC’s Smart Home Devices Quarterly Tracker provides in-depth analysis, quarterly market share data, and five-year forecasts for the smart home devices market.