While it’s still early days for the smart home market – and the wider consumer IoT ecosystem in general – analysts at IDC expect to see considerable growth over the next few years, especially as consumers become more aware of and increasingly interact with smart assistant platforms like Amazon’s Alexa and Google Assistant.

Adam Wright, senior research analyst for IDC’s Consumer IoT Programme explains, “Whether in the form of a smart speaker or embedded in a thermostat, fridge, TV, or
any other device, smart assistants are quickly becoming the cornerstone of consumer IoT
by enhancing the accessibility, use, and functionality of connected devices, which
will noticeably boost adoption rates in the near future.”

According to IDC, in 2017, 433.1 million smart home devices were shipped worldwide, growing 27.6% from the previous year. Looking ahead, IDC anticipates a compound annual growth rate (CAGR) of 18.5% as the market balloons to 939.7 million devices shipped in 2022.