Pandemic Triggers Boom In Smart Home Technology Market
The COVID-19 pandemic has sparked a surge of Australians investing in smart home products, with the market set to grow by over 30% by the end of 2020.
According to a report by technology analyst firm Telsyte, the [email protected] (Internet of Things At Home) market in Australia reached $1.26bn in 2019, a rise of 25%, and is forecasted to grow to $4.8bn by 2023.
Among the categories in the connected home market, video doorbells and locks saw the biggest increase by 76%, followed by smart outlets at 42%, smart garden devices at 40% and smart cameras by 38%.
Other products such as smart speakers, security lighting and energy/HVAC sensors also saw strong sales growth in 2019.
Telsyte’s findings also show smart home technology is quickly becoming a staple of Australian households, with 61% of homes having at least one smart home product.
The average number of unique devices amongst adopter households has now reached seven and is expected to continue to grow as Australians look to modernise their homes.
The research also found over a third of Australian households made technological changes to their home to make it more comfortable and convenient during the pandemic. Another 38% indicated they intended to spend more time at home even when restrictions are eased.
And of those willing to invest money into making their home a ‘smart house’, Telsyte says an average of $2400 is spent in each household.
Smart speakers are a critical gateway for the IoT (smart home) market with 27% of households owning at least one at the end of June 2020. Over a third of households with a smart speaker also own more than one.
Tech giants Google and Amazon remain the market leaders with a combined main device share of 78%.
Telsyte Managing Director, Foad Fadaghi, says the research shows Australians have become increasingly reliant on technologies since the pandemic.
“There is a growing opportunity in smart homes as technology has fast become critical to ordinary Australians,” Fadaghi said.