Smart Home Market Expected to Grow 15% in '22, Despite Inflation: ABI

Despite “tightening economic circumstances” in many markets, consumer spending on smart home devices will grow 15% in 2022 to over $30 billion, said ABI Research Tuesday. Analyst Jonathan Collins said a focus on home improvement spurred by the COVID-19 pandemic pushed smart home awareness into the mainstream market, and now many consumers are looking to replace or upgrade their devices. Tech companies and home goods companies, including Ikea and Somfy, are expanding product lines to connect to existing smart home platforms, and broad support for Matter 1.0 will maximize smart home product potential, he said.