The global smart home market revenue rose 16 percent to $84 billion in 2017 from $72 billion in 2016 according to Strategy Analytics.
Strategy Analytics forecasts worldwide consumer spending on smart home devices, systems and services will be $96 billion in 2018 and grow at 10 percent CAGR over the forecast period (2018 to 2023) to $155 billion.
The report said North America will account for 41 percent of global smart home spending or $40 billion, followed by the Asia-Pacific region at $26 billion and Western Europe at $17 billion.
Tech firms such as Amazon, Google (Nest), ADT and Samsung are driving adoption of smart home devices in North America.
UK-based Centrica Connected Homes’ Hive along with Deutsche Telekom’s Magenta Home, Germany’s eQ-3 and the Netherlands Enco’s Toon are stimulating the demand for smart home devices in Europe.
China’s Xiaomi, Korean service provider LG U+, Japan’s iTSCOM and Panasonic, as well as, Origin and Telstra in Australia are powering the smart home market in Asia-Pacific.
“Consumer awareness is rising, prices are coming down, and the smart home technology is becoming more intuitive,” Bill Ablondi, director of Strategy Analytics’ Smart Home Strategies advisory service, said.