Smart Home IoT 2023

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

Report by Yoram Wurmser  | UPDATED: Dec 22, 2023
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Executive Summary
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Table of Contents
Executive Summary
Smart home IoT sector endures a period of slow growth
Growth patterns for smart IoT differ by category
Implications for marketers in the IoT smart home ecosystem
Media Gallery
About This Report
Despite economic headwinds slowing growth, most smart home IoT device categories continue to gain users looking for increased capabilities.
Topics
Internet of Things (IoT)
United States
Table of Contents
Executive Summary
Smart home IoT sector endures a period of slow growth
Growth patterns for smart IoT differ by category
Implications for marketers in the IoT smart home ecosystem
Media Gallery

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?

Share of US Households with Smart Home Devices Has Stagnated Since 2021
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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

Charts in This Report

Share of US Households with Smart Home Devices Has Stagnated Since 2021More Than a Third of the US Population Uses Smart Home Devices
Smart Home Utility Devices Lead, But Smart Security and Lighting Will Narrow the Gap by 2027Most Smart Home Device User Growth Will Slow to Similar Rates by 2027, But Appliances and Lighting Buck the Trend

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First Published on Nov 22, 2023

authors

Yoram Wurmser

Contributors

Jane Xu
Associate Forecasting Analyst