According to the recently released report by Bekryl, Global smart home devices market is estimated to be valued at US$ 57.4 billion in 2019 and will register 21.1% CAGR during the forecast period. In the last five years, these connected devices has penetrated across millions of homes worldwide, with majority of them concentrated in North America. Growth in the segment is attributed to changing technological landscape and rise in urbanization. As of 2019, over 55% population is living in cities and is expected to grow to 59% by 2028. Rapid urbanization has pushed government and companies to innovate technologies matching future quality of life. This has pushed the demand for smart connected devices across range of verticals including infrastructure. Currently, the industry is naïve and is slowly moving towards integrated smart home concepts wherein the devices will seamlessly communicate and work together in conjugation.

Excerpts from the research report states North America to be the leading destination for industry players. In 2018, North America smart home devices market was valued at US$ 22.5 million. This accounts to 47.5% of global share. Sales revenue of these connected devices will grow by 3.9X by 2028 to create significantly higher market opportunity for players. As per the Bekryl estimates, over 28% of the houses are equipped with smart home devices. Higher per capita income along with better technological atmosphere are the key factors driving the overall sales of connected devices in the region. Amazon and Google accounted for the largest market share in the region. These companies are strategically focusing on offering best-in-class product at lower cost, in order to gain traction among millennials.

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Key companies covered in the report are:

  • Electrolux AB (Frigidaire)
  • Carrier Corporation
  • LG Electronics Inc.
  • The Whirlpool Corporation
  • Dyson Ltd
  • Xiaomi Corporation
  • Google LLC
  • Honeywell International Inc.
  • Bose Corporation
  • Denon
  • Sonos
  • NETGEAR Inc.
  • D-Link Corporation
  • Ring Inc.
  • Samsung Electronics Co., Ltd.
  • Nest
  • Ecobee
  • Koninklijke Philips N.V.
  • LIFX
  • TP-Link Technologies Co., Ltd.
  • Belkin International, Inc.