Despite Economic Woes, Consumers Drive Smart Home Hardware Revenues to US$30 Billion in 2022
Despite tightening economic circumstances in many leading markets, consumer spending on smart home devices grew in 2022. According to a new global technology intelligence firm ABI Research report, by the end of the year, smart home hardware revenues (devices and hub/controllers) will surpass US$30 billion worldwide, up 15% over 2021 spending.
Driving spending in the face of a sharper economic reality is a growing expectation among consumers for smart home capabilities. “The COVID pandemic-induced emphasis on home improvement boosted the Smart Home industry. It then moved into a more mainstream awareness that continues to bolster spending as consumers look to replace or improve devices in and around their homes,” explains Jonathan Collins, Smart Home and Smart Buildings Research Director at ABI Research.
Similarly, the largest consumer technology and home goods players, from Amazon and Apple to Ikea and Somfy, are expanding their products to connect to existing smart home systems. Strong support for the Matter 1.0 specification, released in early October, enables cross-vendor device interoperability, maximizes their products' potential to reach consumers, and simplifies consumers’ purchase and installation of new devices.
As consumer demand and expectations for smart home capabilities grow, device purchases are pushing into previously underserved market areas, such as Multi-Dwelling Units (MDUs), hospitality, and more.
“That is not to say growth will be even across device categories or vendors. Interoperability, functionality, and application integration will all be key to spending as consumers increasingly transition from single-device purchasing to building out whole-home systems,” says Collins.
These findings are from ABI Research’s Smart Home Hardware market data report. This report is part of the company’s Smart Homes & Buildings research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Market Data reports present an in-depth analysis of key market trends and factors for a specific technology.
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