Home Automation Gadgets Are Leading Explosive Growth In The Consumer 'Internet Of Things' Market

BII

Homes around the world are going to become smarter and more connected over the next five years.

Overall, a fair number of mainstream consumers still don't fully understand what connected-home devices are and how they work. However, adoption and awareness is still high for such a new category. We expect the devices to become more prevalent in the next two years, when growth will peak.

BI Intelligence takes a closer look at this market, and forecasts shipments and revenue growth for connected-home devices over the next five years. We also examine current consumer sentiment about these new devices, the potential opportunities and barriers the Internet of Things will face on its way to mainstream adoption, and the leading companies currently in the market.

Connected-home device shipments will grow at a compound annual rate of 67% over the next five years, much faster than smartphone or tablet device growth, and hit 1.8 billion units shipped in 2019, according to BI Intelligence estimates. Connected-home devices include all smart appliances (washers, dryers, refrigerators, etc.), safety and security systems (internet-connected sensors, monitors, cameras, and alarm systems), and energy equipment like smart thermostats and smart lighting.