TVs to Lead 'Resilient' Smart Home Device Category Through 2024, Says IDC
Global smart home device unit shipments will grow 4.1% this year to 854 million, remaining “quite resilient” during the pandemic, forecast IDC Monday. Through 2024, that number will reach more than 1.4 billion, it said. Though the market lost some…
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ground vs. pre-COVID-19 forecasts, smart home devices remained popular with consumers as they shifted spending from vacation, travel and restaurants. Video entertainment devices are expected to remain the largest category throughout the smart home forecast, generating 31.3% of all shipments in 2024 due to falling prices and advanced functions, including 8K video, higher refresh rates, HDR, large screen sizes and integration with smart assistants and streaming platforms. TVs are expected to hold 60% share in the category by 2024. In-home bandwidth requirements are growing as consumers spend more time indoors and add to the number of connected devices within the home, noted analyst Jitesh Ubrani. That will “force upgrades to the in-home network infrastructure and further drive the importance of Wi-Fi 6 in upcoming smart home devices." Market growth over the next few years will be limited by concerns about security and privacy, consumers' price sensitivity to upfront and ongoing costs of devices and services, and “the underlying uncertainty in labor and financial markets around the world.” Fear of missing out, along with security concerns, will drive demand for smart cameras, door locks and doorbells. Smart speakers are seen growing at a rate of 11.1% as emerging markets begin to adopt the voice-driven devices. IDC expects the category will be challenged for growth as smart speaker functionality gets incorporated into other device types and replacement rates stretch.