Is Your Home Getting Smarter?
The Internet of Things (IoT) is an important component of the new era of information technology and a crucial focus of the new wave of the industrial revolution. Cloud computing, big data, and artificial intelligence, when combined with IoT, will form the future information interaction system. Over the past few years, the Smart Home industry has grown rapidly as IoT applications continue to develop and new consumer-demand-driven ecosystems emerge.
Smart Home technology rapidly spread in the early 2000s, and newly available technologies became more accessible and affordable for many consumers. From home networking and electronics to technology systems, the Smart Home has become a ubiquitous presence in the current market. The Smart Home industry market in the top five countries globally namely the United States, China, Japan, Germany, and the United Kingdom continues to grow with the rapid development of information technology and the increasing number of devices, systems, and services. The global Smart Home consumption market, which includes devices, systems, and services, reached nearly 132 billion in 2021 and is $143 billion in 2022.
The United States was one of the first countries to enter the global Smart Home market, and currently, around 32% of American households are equipped with home automation systems, with the number of users expected to reach 53.1% by 2022. The Smart Home concept has been around for a while, but between 2015 and 2018, there was a noticeable uptrend that continued in recent years, despite the pandemic. People's pursuit of a higher standard of living, together with their increasing recognition of the benefits of having a Smart Home, have led to a rise in the number of searches related to Smart Home technology.
With the increasing penetration rate of Smart Home in the United States, the market capacity continues to grow, and more and more technology giants layout in the field of Smart Home, the future of smart home equipment in the United States has broad prospects. According to Statista's Global Smart Home Market Outlook 2021, the U.S. smart home device market was $23.3 billion in 2020 and it is expected to reach USD 49.98 billion by 2026, registering a CAGR of 12.18% from 2021 to 2026.
Smart Home industry has experienced rapid growth and has gained wide acceptance from the public. Many households have started using Smart Home devices, even if it's just one item, such as electric curtains or smart speakers. This increasing popularity indicates that people are interested in making their homes more convenient and comfortable using the latest technology. There is no doubt that more companies will join this trend in the future, providing innovative Smart Home products that will continue to make our lives easier and more efficient.
Reference
1. Statista, "Global Smart Home Market Outlook 2021".
