The global market for smart home IoT devices is expected to record an 18% growth between 2020 and 2029, according to research firm Guidehouse Insights.
The smart home IoT devices market is expected to expand revenue generation from $24.8 billion per annum in 2020 to $108.3 billion in 2029.
The pandemic is dampening near-term market growth but is driving more interest in smart home products that enhance health and wellness.
While sales in 2020 have not been as robust as previously anticipated, more consumers are finding value in connected products that can deliver convenience, energy efficiency, and greater security.
Energy efficiency, automation, convenience, affordability, and enhanced health and wellness are hence expected to sustain market growth.
Neil Strother, a principal research analyst at Guidehouse Insights, said: “The smart home market has held relatively steady during the COVID-19 shutdown as many consumers who are still employed and are staying home are investing money in products that can enrich their lives and provide value.
“Nonetheless, the overall downward economic effects of the COVID-19 pandemic, such as widespread layoffs, are expected to dampen previously expected market growth in the near term.”
Read more about the report.