Smart home device market rising at a CAGR of 60 percent to 2020
LONDON — The smart home market continues to expand, with 47 million connected smart home devices shipped globally in 2015. The market is projected to broaden substantially at a compound annual growth rate (CAGR) of 60 percent, reaching 477 million devices in 2020, according to IHS Markit.
The American region accounted for 62 percent of global shipments in 2015; however, Asia-Pacific is expected to gain significant share over the next four years, coming into parity with the American market in 2020. The Europe, Middle East, and Africa (EMEA) region will remain flat, holding steady at 20 percent of the global market for smart devices. The market’s rapid growth will be primarily attributed to appliances and air conditioners, according to analysis from the IHS Markit Smart Home Intelligence Service.