Service Nation shares thoughts, strategies for the burgeoning smart home market
With an expected growth rate of 31 percent in 2018, the global smart home market will soon reach total sales of 643.9 million devices, per a recent study by market research company IDC. By 2022, the company estimates as many as 1.3 billion smart devices will have made their way into households. That factors out to one smart home device for every sixth person (babies and children included).
Still, nonconnected homes are projected to outnumber smart homes in 2021 by more than a 2-to-1 margin, according to S&P Global Market Intelligence. In other words, the market is there for those who can get out and make the sales.
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