Demand Grows For Smart Home Devices

Despite tightening economic circumstances in many leading markets, consumer spending on smart home devices grew in 2022, says a report from ABI Research. By the end of the year, smart home hardware revenues (devices and hub/controllers) will surpass US$30 billion worldwide, up 15 per cent over 2021 spending. Driving spending in the face of a sharper economic reality is a growing expectation among consumers for smart home capabilities. As well, manufacturers are expanding their products to connect into existing smart home systems. Strong support for the Matter 1.0 specification, released in early October, enables cross-vendor device interoperability, which maximizes the potential for products to reach consumers and simplifies their purchase and installation of new devices. And, as consumer demand and expectations for smart home capabilities grow, device purchases are pushing into previously underserved market areas, such as multi-dwelling units and hospitality.