Global Smart Home Spending Forecast To Grow 41% In 2021
Market research firm Strategy Analytics has estimated that global consumer spending on smart home devices will increase by 40.9% in 2021 to hit a record high of $62 billion.
Spending on smart home devices is set to fall from $52 billion in 2019 to $44 billion in 2020, driven by the global economic downturn caused by the COVID-19 pandemic.
However, Strategy Analytics expects there to be a strong recovery in the smart home market, particularly in security cameras and video doorbells, which have already witnessed an upsurge in sales.
“Even with the onset of the pandemic the global smart home device market is very active. Since late 2019, every smart home device category has seen new entrants, and established brands are refreshing their portfolios on a regular basis,” said Jack Narcotta, Senior Industry Analyst in Strategy Analytics’ Smart Home Strategies advisory service.
“Globally, nearly 250 million households already have at least one smart home device, and as average selling prices for most devices decline, many of these are highly likely to buy additional devices.Online shopping will keep device purchases flowing in spite of any restrictions place on brick-and-mortar retail stores.”