More Than 6.4B Smart Home Devices Will Be In Use Globally by 2023, Says SA

Consumer spending on smart home hardware, services and installation fees will reach $103 billion globally in 2019 and increase at an 11 percent compound annual growth rate to $157 billion by 2023, said Strategy Analytics Wednesday. It predicts spending on devices alone will reach $55 billion in 2019 and rise at a 10 percent CAGR to $81 billion by 2023. More than 200 million homes globally owned at least one smart home device at the end of 2018, and there will be an additional 100 million by 2023 as smart home penetration reaches 30 percent of all broadband households worldwide, it said. By the end of 2023, more than 6.4 billion smart home devices will be in use, an average of 21 per smart home, it said.