TechInsights published an article stating that the number of connected smart home devices has tripled in the past 5 years and is expected to double again in the next 5 years.
The Zhitong Finance App learned that TechInsights published an article stating that the number of connected smart home devices has tripled in the past 5 years and is expected to double again in the next 5 years. Smart home devices are the fastest-growing category, and their share of the overall device sector will increase from 8% to 24% by 2028. Excluding enterprise IoT and connected cars, smart homes have risen from 17% of the global share of IP-connected devices in 2018 to 32% in 2023, and is expected to reach 46% by 2028.
The smart home segment includes many different device types and configurations, such as gateways, control hubs, thermostats, cameras, sensors, motion detectors, locks, lighting controls, plugs, etc. An average smart home would include more than 20 such devices, while a more advanced home would have more. TechInsights also anticipates that smart home functionality will continue to expand to hundreds of millions of households around the world that have yet to use smart home products.
TechInsights believes the increase in smart home market share is at the expense of smartphones and mobile PCs and tablets, and the percentage of both products is falling sharply. While smartphones are still expected to grow by 2.3% between 2023 and 2028, the mobile PC and tablet category appears to have almost stagnated, with a compound annual growth rate of only 0.3% through 2028. Smart TVs and other internet media devices, including audio systems, BD players, DMA, game consoles, digital cameras, e-readers, PMPs, portable game consoles, NAS, set-top boxes, DVRs, and consumer desktop computers, have remained almost constant in the share of all connected devices.
Subcategories not highlighted in the image above include smart speakers and smart screens, and wearables. Currently, these two types of devices account for 2% and 1.5% of the global connected equipment market stock, respectively, but their share is not expected to increase in the next few years. Also included are connected cars, which, although their share doubled in the decade from 2018 to 2028, still account for less than 1% of the global base.