Smart Home Shipments Forecast to Decline Slightly in 2022 with Modest Growth Expected in 2023, According to IDC Tracker
NEEDHAM, Mass.--(BUSINESS WIRE)--Dec 22, 2022--
Worsening macroeconomic conditions have led a reduction in the outlook for global smart home device shipments according to the International Data Corporation ( IDC ) Worldwide Quarterly Smart Home Device Tracker. Worldwide shipments of smart home devices are now expected to decline 2.6% in 2022 to 874 million units with smart speakers and video entertainment devices such as TV and streaming devices facing the brunt of the decline.
“Shipments of smart home devices have been impacted significantly by ongoing supply chain disruptions,” said Adam Wright, senior research manager, Smart Home and Office Devices. “Moreover, we’re witnessing downward pressure on demand in 2022 as inflation continues to squeeze consumers’ wallets. Looking ahead, we expect volatility will continue to inhibit the market’s growth in 2023 and beyond.”
Though the global market is forecast to return to growth in 2023, it will remain relatively low at 4.6% with most of the growth coming from emerging markets as well as China. “Though smart speakers arguably helped launch the smart home category, the shine of these products has largely worn off for consumers in developed markets such as the United States and China with shipments expected to decline in the long run,” said Jitesh Ubrani, research manager for IDC’s Mobility and Consumer Device Trackers. “Smart speakers will now rely on emerging markets and places like Europe where language and lack of services have been a barrier to adoption in the past.”
Among the other form factors, home monitoring/security products such as cameras, doorbells, or door locks, as well as smart lighting and video entertainment products will account for the largest share and experience the highest growth rates within the smart home market.
Smart Home Devices by Forecast Shipment Volume, Market Share, and Five-Year CAGR, Q3 2022 (shipments in millions)
2022 Market Share
2026 Market Share
CAGR 2022 - 2026
Source: IDC Worldwide Quarterly Smart Home Device Tracker, December 22, 2022
About IDC Trackers
IDC Tracker products provide accurate and timely market size, vendor share, and forecasts for hundreds of technology markets from more than 100 countries around the globe. Using proprietary tools and research processes, IDC’s Trackers are updated on a semiannual, quarterly, and monthly basis. Tracker results are delivered to clients in user-friendly Excel deliverables and on-line query tools.
For more information about IDC’s Worldwide Smart Home Device Tracker, please contact Jackie Kliem at 508-988-7984 or firstname.lastname@example.org.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group ( IDG ), the world’s leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
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CONTACT: Adam Wright
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SOURCE: International Data Corporation
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