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The global smart home market is forecast to grow to billion U.S. dollars in size by 2022. Smart home, also called home automation, is an automation system that controls the lighting, climate, entertainment, appliances, and home security such as alarm systems of a household.

Internet of Things (IoT)

Smart home devices, when connected to the internet, are a part of a network of devices called the Internet of Things (IoT). These connected devices share data among each other, providing benefits such as better quality of life and greater insight into business. The total installed base of Internet of Things (IoT) connected devices is projected to amount to billion worldwide by 2025, a fivefold increase in ten years. In 2018, it is estimated that among all the IoT devices,**** billion will be connected/smart home devices.

Smart home categories

Video entertainment is expected to have the largest share of smart home device shipments by 2023, with the unit shipment in this category amounting to million by then. With million device shipments, Home monitoring/security is predicted to be the second largest smart home category. The last couple of years have witnessed consumers’ enthusiasm for a new smart home device – the smart speaker, such as the Amazon Echo. As of the first quarter of 2019, smart speaker penetration among U.S. broadband households already topped ** percent, surging from a mere percent two years before.