Smart home devices, which include products such as smart thermostats, smart locks, and smart lighting systems, are becoming increasingly popular around the world. According to market research firm, Market Research Media, worldwide shipments of smart home devices are expected to cross the 1 billion units mark in the not too distant future.
There are several factors driving the growth of the smart home market. One of the key drivers is the increasing affordability of smart home devices. As prices have come down and the technology has become more sophisticated, more people have been able to afford to purchase these products. In addition, the growing popularity of the Internet of Things (IoT) has also contributed to the growth of the smart home market, as more and more devices are being connected to the internet and are able to communicate with one another.
Another factor driving the growth of the smart home market is the increasing awareness of the benefits of these devices. Smart home products can save energy, improve security, and provide a more convenient and comfortable living environment. As more people become aware of these benefits, they are more likely to purchase smart home products.
Finally, the COVID-19 pandemic has also had an impact on the smart home market. With more people spending time at home, there has been an increased demand for products that can make the home environment more comfortable and convenient. This has led to a surge in the sales of smart home products.
Overall, the smart home market is expected to continue to grow in the coming years, as more people become aware of the benefits of these products and as the technology becomes more sophisticated and affordable.