Key Highlights
- Global Smart Home Market valued at $55.65B in 2016 and estimated to reach $174.25b by 2025
- CES 2020 in Las Vegas ground zero for the latest and greatest in smart home tech
- This year, CES 2020 attended by nearly 200,000, pre-coronavirus
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Take a look at what’s happening with smart home technology market growth and projections into 2024:
Lights
- 2018 – $200M
- 2020 – $300M
- 2024 – $500M
Speakers
- 2018 – $600M
- 2020 – $700M
- 2024 – $975M
Home Security
- 2018 – $60M
- 2020 – $800M
- 2024 – 1,375M
Appliances
- 2018 – $600M
- 2020- $825M
- 2024 – $1,425M
Thermostats
- 2018 – $625M
- 2020 – $850M
- 2024 – $1,500M
Locks
- 2018 – $600M
- 2020 – $850M
- 2024 – $1,600M
Tech apps/systems to look for over the short-term…
Netatmo, a French company, a secondary security check to traditional keys, is set to have a close-range communication field that identifies unique objects. Pricing and availability was not announced at the CES but even so, interest was sky high.
Kwikset is adding a fingerprint door-entry system to its smart locks lineup. Its automatic authentication will allow the company to make a smaller lock than its competitors since a fingerprint reader needs less space. This system integrates with both Amazon and Google platforms.
Amazon’s Ring is expanding into the stand-alone smart light bulb space. According to Business Insider Intelligence, Ring’s smart bulbs will grow from 197M units to 541M units by 2024.
Tell all your home tech savvy clients, friends and family.
Thanks to Business Insider for source data.
Also read: 2020 Smart Homes, Income Inequality Gap Widens, California Home Sales See Worst in 4 Years
