Smart home devices gained more popularity during the COVID-19 pandemic, with worldwide shipments growing 4.5% over the previous year to 801.5 million units, according to a new report from International Data Corporation (IDC).
Shipments are forecast to grow at 12.2% per year through 2025, surpassing 1.4 billion worldwide shipments in the final year covered by the report.
The U.S. will dominate the growth in the smart home device market for the first few years of the forecast, according to IDC. U.S. shipments are expected to grow at 3.8% compound annual growth rate through 2025, when it will reach a projected total of more than 451.3 million units shipped in 2025.
China’s CAGR is expected to push the country’s annual shipments ahead of those of the U.S. by 2024. Canada (17.7%) and Western Europe (14.7%) are also expected to post strong CAGRs.
“Sales of smart home devices have remained fairly resilient during the global COVID-19 pandemic,” said Adam Wright, senior research analyst, IDC smart home, in a prepared statement about the smart home device shipments research. “The market faced some challenges in 2020, the result of high unemployment, an uneven economic recovery, and lockdown measures, among other factors. But nonetheless, 2020 saw positive year-over-year growth across all device categories. Consumers have shifted their spending priorities from other areas like vacations, going out to eat, or visiting cinemas to focus on adding more comfort, conveniences, and entertainment at home. As such, we have seen that smart home devices like streaming sticks, smart speakers, security devices, smart lights, and others have performed well over the past year.”
The growth in smart home monitoring devices is helping drive the $15 billion security monitoring market, according to research from Parks Associates.
March 27, 2021 at 03:26AM
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IDC: Video Entertainment Category Leads Smart Home Shipments, But Home Monitoring Growing Faster - Telecompetitor
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