The market for smart home devices is expected to boom over the next 5 years

Apr 29, 2022

With the collaboration of Statista.

Over 130 million households are home to at least one smart speaker.

Image: Unsplash/ Nicolas Lafargue

Martin Armstrong

Data Journalist, Statista

Our Impact

What's the World Economic Forum doing to accelerate action on Emerging Technologies?

The Big Picture

Explore and monitor how Fourth Industrial Revolution is affecting economies, industries and global issues

Stay up to date:

Technological Transformation

Over 130 million households are home to at least one smart speaker, according to Statista data.
That figure is expected to rise to as many as 335 million in the next five years.
All smart home devices are set for huge growth in the near future, says Statista.
While global spending on Internet of Things products is forecast to reach $1.1 trillion in 2023.

Homes around the world are getting smarter. Data from the Statista Technology Market Outlook estimates that over 130 million households are home to at least one smart speaker, for example, and this figure is expected to rise to as many as 335 million in the next 5 years. As our infographic shows, all product types included in the smart home analysis are set for huge growth in the near future.

Have you read?

Global spending on Internet of Things products is forecast to reach $1.1 trillion next year, and as Statista analysts report, this is one area which has come out of the pandemic pretty much unscathed: "During the Covid-19 pandemic, homes have become an even greater focal point than before. More and more people want to digitalize their homes, equip them with voice controls, and/or take additional safety measures with IoT technologies. This consumer trend has shielded the Smart Home market against strongly declining sales and the economic downturn in 2020."

Global spending on Internet of Things products is forecast to reach $1.1 trillion next year. Image: Statista

Accept our marketing cookies to access this content.

These cookies are currently disabled in your browser.

Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.