Worldwide smart home devices market is expected to grow by 31%

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According to IDC, the worldwide smart home devices market is expected to grow 31% year over year in 2018 to 643.9 million shipments. The entire smart home market, comprised of smart speakers, video entertainment products, connected lighting, smart thermostats, and home monitoring/security products, is forecast to be nearly 1.3 billion devices by 2022 with a five-year compound annual growth rate (CAGR) of 20.8%. The fastest growing category with a five-year CAGR of 39.1%, accounting for almost 100 million units in 2018 and 230.5 million by 2022, will be smart speakers such as the Amazon Echo and Google Home.

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