Global consumer spending on smart home solutions will grow 44% this year to $ 123 billion. They decreased last year. This was due to the negative impact of the pandemic on the economy. The decline was recorded for the first time since 2015. Such data is contained in a new study published by Strategy Analytics.
Rapid growth, as a result of which the market will cross the $ 100 billion mark for the first time, is explained by Strategy Analytics as deferred demand. In subsequent years, growth will continue, but it will be slower. As a result, the market will reach $ 173 billion in 2025. By then, nearly 20% of all households in the world will be using at least one smart home product. For comparison: this year, penetration will reach 15%.
North America is named the largest regional market in 2021. This region accounts for 40% of all consumer spending on smart homes. This is followed by the Asia-Pacific region with 29%, and Western Europe closes the top three with 18%. Analysts expect the Asia-Pacific region to come out on top in first place by the end of the decade.