More homes are getting smarter.
The market for smart home devices this year is now projected to grow 24% over last year, according to a new forecast by the International Data Corporation (IDC).
Worldwide shipments of devices are expected to reach 815 million this year, climbing to 1.4 billion in 2025, growing 14% a year until then.
"Driving the market's growth over the next few years is a combination of downward pressure on prices from intensifying competition, rising adoption of smart assistants and rising consumer awareness of the conveniences, costs savings and energy reductions that smart home devices provide," states Adam Wight, senior research analyst, Internet of Things: Consumer at IDC.
The U.S. market is the largest, growing 10% annually until reaching more than 560 million units shipping in 2023. Following the U.S. are China, Canada and Western Europe.
Video entertainment devices, accounting for 30% of all shipments in 2023, are the largest category.
Home monitoring and security devices are projected to account for 22% of 2023 shipments and smart speakers and displays growing 9% in 2022 and 5% in 2023.
Consumers are becoming much more connected at home.