The global smart home devices market will grow by 4.1% in 2020 compared to the last year. In total, over 854 million devices will be shipped during the year.
Such a forecast is given by analysts of IDC, noting that the market has lost its previous growth rate during the crisis associated with COVID-19. However, the situation will correct in the coming years, so the average annual growth rate is expected to be 14.0 percent between 2020 and 2024. If this forecast comes true, 1.4 billion units will be shipped in 2024.
The largest segment of the market will be video related entertainment devices, including smart TVs and set-top boxes such as Amazon Fire TV Stick or Roku. Now they account for 41.4% of sales. However, by 2024, their share will gradually decline to 31.3%.
The share of home monitoring and security devices, including smart cameras, doorbells and locks, will increase from 19.5% to 21.1% over the forecast period. The share of smart speakers, projected at 15.6% this year, will decline to 14.1% by 2024.
All other smart home appliances are expected to account for 23.4% of the market this year and 33.5% in 2024. This, by the way, means that this segment will grow most rapidly – by 24.6% per year.