TECH SUPPLIER Oct 2022 - Market Forecast - Doc # US49754522
U.S. Smart Home Device Forecast Update, 2022–2026: CY 4Q22
This IDC study presents an updated five-year forecast for the U.S. smart home device market.
"The COVID-19 pandemic inflated demand in 2020 and 2021 as consumers shifted spending priorities in-house, but now interest is levelling off as consumers set their focus beyond the home once more as pandemic restrictions have relaxed," says Adam Wright, research manager for IDC's Smart Home and Office Devices research program. "Shipments of smart home devices are expected to slow considerably in 2022 as supply chain constraints impact broad categories of devices. Moreover, consumers' wallets are increasingly stretched as a growing number of households are now living paycheck to paycheck. At the same time, the smart home is witnessing a paradox of demand that is putting pressure on vendors to demonstrate ongoing value. As the number of smart home devices have proliferated rapidly in the past few years and achieved mainstream status in the United States, this has exposed many of the shortcomings of smart home devices and consumers are vastly underutilizing the full suite of capabilities and services."
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