The global smart home market is expected to reach US$151.4 billion by 2024, following a new report into the connected home market.
Statistical research by safesmartliving.com has revealed new information regarding the global state of smart home devices around the world, which will see the smart home market rise from US$76 billion in 2018 to $151.4 billion by 2024.
In total, 2020 estimates see the internet of things revenue exceeding US$300 billion, with smart home automation value reaching $21 billion in the same year.
To no one’s surprise, the US is the largest consumer of smart home technology, with a market volume of US$23.5 billion in 2019, with China coming in second at US$12.9 billion, nearly half of the US total market share.
Japan is following close behind with US$4.19 billion, while Australia sits comfortably at a tender $1 billion.
Current forecasts see the smart home market grow to 70.6 million smart home households by 2023, which is nearly double from the 34.8 million homes in 2018.
With household penetration expected to increase from 33.2% to 53.9% in 2023, expect to see the number of smart home households to accelerate further.
In terms of smart cars, more than 152 million vehicles will connect to the internet by 2020, compared to just 23 million in 2014.
Nearly half of smart home technology users (43%) are between the age of 18-34 years old, clearly indicating a youthful enthusiasm for connected home technology.
Entertainment products are on average the most popular smart home devices for connected home users at 43%, followed by smart speakers at 17.3%.
Home monitoring systems and security devices held 16.8% with lighting and thermostats lower down with 6.8% and 2.3% respectively.
However, 80% of broadband households with ten or more smart home devices have professionally monitored security.
Plus, current estimations see approximately 100 million light bulbs connected to the internet by 2020, up from 2.4 million in 2013.
The smart home/ connected home revolution is clearly full steam ahead.
