Pandemic is dampening near-term market growth, but is driving more interest in products that enhance health and wellness
BOULDER, Colo.--(BUSINESS WIRE)--#COVID19--A new report from Guidehouse Insights examines how the smart home IoT market is likely to evolve, providing market forecasts for annual smart home unit shipments and revenue, along with software and services revenue, through 2029.
The smart home market continues to demonstrate growth despite the hampering effect of the COVID-19 shutdown. While sales in 2020 have not been as robust as previously anticipated, more consumers are finding value in connected products that can deliver convenience, energy efficiency, and greater security. Click to tweet: According to a new report from @WeAreGHInsights, the global smart home device market is anticipated to generate $24.8 billion in 2020 and grow to $108.3 billion in 2029 at a compound annual growth rate of 17.8%.
“The smart home market has held relatively steady during the COVID-19 shutdown as many consumers who are still employed and are staying home are investing money in products that can enrich their lives and provide value,” says Neil Strother, principal research analyst at Guidehouse Insights. “Nonetheless, the overall downward economic effects of the COVID-19 pandemic, such as widespread layoffs, are expected to dampen previously expected market growth in the near term.”
According to the report, drivers expected to help sustain the market include energy efficiency, automation, convenience, affordability, and enhanced health and wellness. Products in this last category, such as devices for telemedicine and wearables, are on the upswing as the pandemic continues.
The report, Market Data: Smart Home IoT, has been prepared for smart home market stakeholders with analysis and forecasts of how the market is likely to evolve during the next 10 years. The study provides analysis of the market opportunities, key drivers of growth, and technology trends associated with the evolving smart home. The report’s purpose is to provide a strategic examination from an overall tactical business perspective. Market forecasts for annual smart home unit shipments and revenue along with software and services revenue extend through 2029 and are segmented by region and technology segment. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Smart Home IoT, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.