As this year is about to end, a new report from International Data Corporation revealed that in 2022, shipments of smart home products fall 2.6% globally to 874 million units, with smart speakers and other video entertainment products like TVs and streaming devices bearing the brunt of the loss.
According to the International Data Corporation’s (IDC) “Worldwide Quarterly Smart Home Device Tracker,” worsening macroeconomic conditions have caused a decrease in the prognosis for global sales of smart home devices.
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“Shipments of smart home devices have been impacted significantly by ongoing supply chain disruptions,” said Adam Wright, senior research manager, Smart Home and Office Devices.
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“Moreover, we’re witnessing downward pressure on demand in 2022 as inflation continues to squeeze consumers’ wallets. Looking ahead, we expect volatility will continue to inhibit the market’s growth in 2023 and beyond,” he mentioned.
The global market is expected to expand again in 2023, although it will only grow by a modest 4.6%, with China and emerging markets accounting for the majority of the increase.
“Though smart speakers arguably helped launch the smart home category, the shine of these products has largely worn off for consumers in developed markets such as the US and China with shipments expected to decline in the long run,” said Jitesh Ubrani, research manager for IDC’s Mobility and Consumer Device Trackers.
In contrast to the past, when language barriers and a lack of services prevented the adoption of smart speakers, these markets will now focus on developing nations and regions like Europe.
The survey noted that among the various form factors, smart lighting and video entertainment goods will hold the largest market share and expand at the fastest rates, followed by home monitoring/security items like cameras, doorbells, or door locks.
(inputs from IANS)
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