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November 29, 2022

Smart Home Products Gaining Traction Despite Uncertain Economy

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Consumer spending on smart home devices grew in 2022, according to a new research report from global technology intelligence firm ABI Research, which suggests that developments are favoring adoption.

Despite an uncertain economic outlook, consumers will spend more than $30 billion worldwide on smart home products, up 15% from 2021, ABI indicated.

An expectation among consumers that smart home products are becoming more functional and user-friendly has generated additional interest in the category.

 “The COVID pandemic-induced emphasis on home improvement boosted the smart home industry. It then moved into a more mainstream awareness that continues to bolster spending as consumers look to replace or improve devices in and around their homes,” said Jonathan Collins, ABI smart home and smart buildings research director, in introducing the report.

At the same time, the largest consumer technology and home goods players, from Amazon and Apple to Ikea and Somfy, are expanding product lines that connect to existing smart home systems. Strong support for the Matter 1.0 specification, released in early October, enables cross-vendor device interoperability, simplifying consumer purchasing and installation of new devices.

As recognition of smart home capabilities has grown, device sales are expanding in previously underserved market areas, such as multi-dwelling housing units and hospitality, which will expose more consumers to them and potentially drive demand.

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