Smart Home IoT 2023

Economic Climate Dims User Growth, but Long-Term Outlook Is Bright

The number of new users of smart home internet of things (IoT) has slowed since 2022 due to sluggish economic growth and high interest rates. But thanks to the arrival of the common protocol, Matter, the capabilities of individual devices have expanded. Most device categories have grown more quickly as existing users add more smart devices in their homes.

Key Question: How quickly will the market for smart home IoT grow, and what does this mean for marketers?

KEY STAT: Nearly half of US households will have smart home IoT by the second half of the decade.

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Table of Contents

  1. Executive Summary
  2. Smart home IoT sector endures a period of slow growth
  1. Growth patterns for smart IoT differ by category
  2. Implications for marketers in the IoT smart home ecosystem
  1. Media Gallery

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First Published on Nov 22, 2023


Yoram Wurmser


Jane Xu
Associate Forecasting Analyst

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