New report shows the $11.4 billion global smart home market is currently growing 95%, driven by voice-enabled home gateways and new smart appliances.
IoT Analytics, a provider of market insights and strategic business intelligence for the Internet of Things (IoT), just released its global Smart Home Market Overview 2017.
The report data reveals that the Smart Home market has grown 95% between Q2/2016 and Q2/2017, reaching a quarterly revenue of $3.3 billion in Q2/2017 ($11.4 billion over the last 12 months).
The United States currently make up almost 50% of global Smart Home revenue, followed by South Korea ($283 million), Germany ($201 million) and the UK ($184 million).
Further data sets are available Australia, Brazil, Canada, China, France, Japan and the Netherlands.
Smart Home Gateways sold for an aggregated $802 million in Q2/2017, making it the largest out of the 8 segments analyzed.
Gateways also continue to outgrow the overall Smart Home Market due to fast adoption of voice-enabled home assistants such as Amazon Echo and Google Home.
Amazon in leading position with the Amazon Echo. Followed by Xiaomi, Google (Google Home) is catching up. The Wulian (iOS) and Honeywell (iOS) have the top rated apps.
The global Smart Speakers Market grew 31% between Q2/2016 and Q2/2017 to $733 million. Sonos dominates and followed by Bose and Denon. Furthermore, Sonos (iOS & Android) and Invoxia have the top rated apps.
The global Smart Security Systems Market grew 78% between Q2/2016 and Q2/2017 to $724 million. The Top 3 vendors are Ring, D-Link, Netgear.
The global Smart Appliances Market grew 349% between Q2/2016 and Q2/2017 to $646 million, driven by a technology push of the South Korean manufacturers LG and Samsung.
“Consumer IoT adoption has been somewhat behind expectations in the past years, mainly due to slow adoption of wearables such as fitness trackers and smart watches. Smart Home devices have also lagged behind forecasts. However, our data shows that the tides might be turning,” Knud Lasse Lueth, Managing Director at IoT Analytics, said.
“It was Google’s acquisition of Nest’s Smart Smoke Alarm in 2015 that got this market dreaming. Today it looks as though it is the Amazon Echo as well as smart appliances such as fridges, washing machines, and ovens that are driving the smart household demand.”