Pandemic is dampening near-term market growth, but is driving more interest in products that enhance health and wellness
A new report from Guidehouse Insights examines how the smart home IoT market is likely to evolve, providing market forecasts for annual smart home unit shipments and revenue, along with software and services revenue, through 2029.
The smart home market continues to demonstrate growth despite the hampering effect of the COVID-19 shutdown. While sales in 2020 have not been as robust as previously anticipated, more consumers are finding value in connected products that can deliver convenience, energy efficiency, and greater security. According to a new report from @WeAreGHInsights, the global smart home device market is anticipated to generate $24.8 billion in 2020 and grow to $108.3 billion in 2029 at a compound annual growth rate of 17.8%.
“The smart home market has held relatively steady during the COVID-19 shutdown as many consumers who are still employed and are staying home are investing money in products that can enrich their lives and provide value,” says Neil Strother, principal research analyst at Guidehouse Insights. “Nonetheless, the overall downward economic effects of the COVID-19 pandemic, such as widespread layoffs, are expected to dampen previously expected market growth in the near term.”
According to the report, drivers expected to help sustain the market include energy efficiency, automation, convenience, affordability, and enhanced health and wellness. Products in this last category, such as devices for telemedicine and wearables, are on the upswing as the pandemic continues.
The report, Market Data: Smart Home IoT, has been prepared for smart home market stakeholders with analysis and forecasts of how the market is likely to evolve during the next 10 years. The study provides analysis of the market opportunities, key drivers of growth, and technology trends associated with the evolving smart home. The report’s purpose is to provide a strategic examination from an overall tactical business perspective. Market forecasts for annual smart home unit shipments and revenue along with software and services revenue extend through 2029 and are segmented by region and technology segment. An executive summary of the report is available for free download on the Guidehouse Insights website.