The new report, Smart Home Devices: Business Models, Market Trends & Forecasts 2020-2025, reveals that the smart metering market would grow slowly, at an average rate of 2 percent per year globally, compared to 12 percent for smart home entertainment devices.
FREMONT, CA: A new report from Juniper Research has discovered that there will be almost 13.5 billion smart home devices in active use by 2025, compared to an anticipated 7.4 billion at year-end 2020. Smart entertainment devices take the bulk of revenue attributable to smart home devices, as more than $230 billion in 2025. Voice assistant abilities are an increasingly common way to control digital entertainment devices, from smart speakers to games consoles and TVs, linking them into the smart home ecosystem.
This voice assistant proliferation means that the smart home would become increasingly dependent on discrete purchases rather than holistic smart home packages that were very common in the early days of the market. 94 percent of devices in use would be from individual purchases, with less than 50 million households worldwide having a smart home subscription in 2025.
The new report, Smart Home Devices: Business Models, Market Trends & Forecasts 2020-2025, reveals that the smart metering market would grow slowly, at an average rate of 2 percent per year globally, compared to 12 percent for smart home entertainment devices. Juniper Research notes that smart meters need continued support from regulatory authorities to move much further, especially outside Europe.
Despite growing to 3.9 billion active devices in use in 2025, the research reveals that smart home automation will only be utilized by 11 percent of households globally in 2025. These devices, primarily locks, and lightbulbs, are not ones that consumers will require to replace on a regular basis.
‘The value in this segment is being able to encourage use throughout the home; leading to a high level of value for each adopter,’ stated research co-author James Moar. ‘Outside of entertainment, adoption will come more from vendors making them the default option, rather than the technology encouraging replacement of utilitarian devices.’