TechInsights: smart home accounts for 28% of consumer electronics shipments in 2023, and security products become the largest market segment.

CTOnews.com, Sept. 4 (Xinhua) according to the latest report from market research firm TechInsights, global consumer spending on smart home-related hardware, services and installation is expected to recover to $131 billion in 2023, an increase of 10% over 2022.

TechInsights said consumer spending on smart home systems and services will continue to grow strongly. The agency forecasts that spending on smart homes will grow at a compound annual growth rate of nearly 8 per cent over the next five years, reaching $191 billion in 2028.

▲ Image Source TechInsights according to the agency's classification, smart home devices include hubs, gateways, surveillance cameras, video doorbells, smart thermostats, motion detectors, smart door locks, smart smoke detectors, electrical switches, sockets, smart plugs, smart light bulbs and other smart devices, accounting for about 28% of total consumer electronics shipments.

In addition, ▲ Touyuan Xiaomi official website, TechInsights also predicts that interactive security systems will become the largest revenue segment of smart homes in 2023 and will maintain healthy growth (a compound annual growth rate of 9 per cent), reaching $48 billion by 2028. In 2028, at least one smart home system will be installed in 550 million households worldwide (CTOnews.com notes: 24% of all households).

Referenc

The smart home market will reach $200 billion in 2028.