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

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.

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."