Global revenue from smart home devices 2016 and 2018, by region

There was a significant increase in global revenue from smart home devices between the years 2016 and 2018, jumping from 9.8 billion to over 18 billion U.S. dollars in 2018. Of that amount, the majority was generated from the Americas region, with a total of 8.4 billion U.S. dollars.

The United States smart home market

The United States is one of the countries that are fast adopting smart home systems in their households. Statista’s own inhouse market research team estimated the U.S. smart home market to be larger than any other country’s expected revenue. It is also the country with the highest penetration rate for smart home products; however, with a rate of just 22 percent, there is still plenty of room for the market to develop.

Consumer spending on smart items

The smart home market is consistently growing, with consumer spending on smart home systems projected to increase steadily through 2023. Many consumers are likely to purchase smart speakers and smart home entertainment systems. However, the range of uses for smart devices goes well beyond recreation, as smart home appliances such as smoke detectors can help improve the quality and safety of life at home.