Consumer spending on smart home devices, services and installation fees will reach $103 billion this year, according to a new forecast by Strategy Analytics.
The smart home market is projected to grow 11% annually, reaching $157 billion in 2023.
Spending on devices is estimated to account for 54% of the total, or $55 billion in 2019, growing 10% annually to reach $81 billion by 2023.
At the end of 2018, there were more than 200 million homes with at least one smart home device, with projection of an additional 100 million being added by 2023, according to the forecast.
By the end of 2023, 6.4 billion smart home devices are projected to be in use.