Global automated home spending will surpass $200 billion in 2028, forecasts GlobalData. The automated home market is rapidly evolving, with consumers increasingly adopting devices that enhance security, energy efficiency, and convenience.
Against this backdrop, the global spending on automated home devices is set to grow at a compound annual growth rate (CAGR) of 11% from $119.5 billion in 2023 to $200.8 billion in 2028, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest Strategic Intelligence report, “Automated Home”, reveals that the top three automated home sub-categories by device revenue are smart appliances, smart speakers, and smart security. These three accounted for 34%, 28%, and 25% of the total market in 2023, respectively. Amazon, Google, and Xiaomi are the leading companies shaping the market
The smart appliances sub-category will continue to hold the largest market share over the next five years as its growth outstrips both smart speakers and smart security.
Shabnam Pervez, Strategic Intelligence Analyst at GlobalData, comments: “The smart home landscape is populated by a mix of established tech giants and innovative newcomers.”
The foundation of Amazon’s automated home business is its Echo range of smart speakers. The company has built on that with acquisitions, including spending $1 billion on smart doorbell manufacturer Ring. Google, with its Nest ecosystem of automated home devices, is also a market leader. Alibaba and Xiaomi dominate the Chinese market.
Pervez concludes: “The smart home market is dynamic and constantly evolving. As technology advances and consumer adoption accelerates, devices will continue becoming more intelligent, integrated, and accessible. The future of living is smart, and it is happening now.”
Notes
– Information is based on GlobalData’s latest Strategic Intelligence report: Automated Home. The report provides an invaluable guide to this disruptive theme. It includes comprehensive lists of the leading players across all aspects of the automated home value chain, helping companies identify the right partners.
– The report also includes a guide to the major trends the automated home is impacting including technology, macroeconomic, and regulatory.
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