Global demand for smart home devices will exceed smartphone sales by 2023

The growing popularity of smart homes is confirmed by the latest research by Strategy Analytics. Strategy AnalyTIcs recently released a research report "2018 Global Smart Home Equipment Forecast", which pointed out that by 2023, the global demand for smart home equipment will exceed the sales of smartphones.

Strategy AnalyTIcs research revealed that in 2017, global consumers purchased 663 million smart home devices, this number will increase to 1.94 billion in 2023, and the sales of smart phones will be 1.86 billion by then. The research includes various smart home devices, such as smart speakers, security cameras, smart bulbs, smart door locks, digital thermostats, gateways, and sensor devices. Falling device prices, fascinating user applications and services, improved user experience, and rapid technological development will drive demand growth.

Strategy AnalyTIcs research pointed out that the fastest growing product category in 2018 will be smart speakers, such as Amazon's Alexa and Google's Google Home, with a growth rate of 109%. Other fast-growing products include smart light bulbs (such as Philips Hue), connected smoke detectors, smart door locks (such as Amazon’s August Smart Lock), gateways and hubs, and security cameras (such as Google’s Nest Cam).

Bill Ablondi, Director of Strategy AnalyTIcs Smart Home Strategy, said: "In recent years, the emergence of smart home as a popular concept has brought a lot of new device opportunities for suppliers and technology developers. The field of smart home devices is still in its formative stage. Manufacturers are striving to gain a foothold in the market. The scale of future demand shows that there are huge opportunities for those who can take the lead in improving people's management and organization of their families."