Between 2016 and 2022, Zion Market Research predicts that the smart home market will grow from $24.10 billion in revenue in 2016 to $53.45 billion in 2022. While all the early buzz was about smart refrigerators and washing machines that could talk to the cloud, it’s now the basics that are getting customers moving.
Early success with products such as smart plugs, smart lighting and smart door solutions like locks and doorbells have given consumers a way to give their home a tech boost without having to solve typically challenging technology problems. Slick applications and easy to configure networks are making it easy to buy and set up new gadgets, opening the door for even more connectivity.
Once you’ve got your lights and your outlets on a network, having an easy way to control them makes perfect sense, enter Amazon Alexa, Google Home and Apple Homepod to add some fun and variety to the mix as well as voice control for all of your new home devices.
With consumers spending billions more each year to connect their devices and increase the IQ of their increasingly smart home, products and services will need to continue innovating to stay relevant, disrupt others or hang on to their current position as market leaders.
