smart billion home market reach global expected
Global smart home market to reach 158bn by 2024Recent years have brought a massive interest in smart home technology, withmore and more average house owners embracing this sort of home solution.According to data gathered by PreciseSecurity.com, the global smart homemarket revenue is expected to reach $158 billion value in the next four years.The global smart-home ecosystem is set to continue its rapid expansion, mostlydue to the speed of 5G implementation. Recent IoT investments by Google,Apple, Amazon, or Alibaba, have transformed the landscape noticeably,providing opportunities for various companies.In comparison, back in 2017, the global smart home market was worth $43.4billion. Since then, the industry revenue doubled and is expected to reach $91billion value this year. The statistics indicate the overall market will showan annual growth rate of 15.0% by 2024.The US takes the leadThe United States is the largest smart home market in the world, with $27.6billion in revenue this year. China ranked second with $20.8 billion profit.Germany and the United Kingdom are both forecast to reach around $4.8 billionincome this year. With $4.7 billion in revenue, Japan ranked as the fifth-largest smart home industry globally. The 2020 data show that one-third ofsmart home device owners are Millennials.Smart appliances generate the most sizeable profitSmart home technology provides homeowners security, convenience, energyefficiency, and comfort by allowing them to control smart devices throughsmart home apps. The statistics show household penetration will reach 9.3%this year and continue growing to 19.3% by 2024.Divided by categories, smart appliances generate the most significant share ofthe overall market income. Global consumers are forecast to spend $21.5billion this year on devices they can connect to smartphones or tablets forbetter control, convenience and information. This segment of the market isexpected to jump to $39.6 billion by 2024.With $21.1 billion profit in 2020, control and connectivity devices representthe second most popular consumer choice.The statistics show house owners across the world will spend $19.4 billion onsecurity systems this year, with smart security cameras and smart locks as theleading products.This amount is expected to double and reach $35.6 billion value in the nextfour years. The number of active households in the security segment isforecast to hit 196.9 million by 2024.