As the smart home rises in popularity among consumers, so do the sales of smart thermostats, which are often considered the gateway into the smart home. In fact, smart thermostats are expected to grow at a compound annual growth rate of 20 percent between 2018 and 2023, reaching a value of $3.4 billion by 2023, per a study from Markets and Research.
However, research from Parks Associates indicates that more than 100 million homes in the U.S. did not have a smart device in 2016. That same study predicts more than 40 million homes will have a smart thermostat by 2020.