target audience: TECH SUPPLIER Publication date: Jul 2023 - Document type: Market Forecast - Doc Document number: # US51002323
Worldwide Smart Home Device Forecast Update, 2023–2027: CY 3Q23
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Abstract
This IDC study updates our 2023–2027 forecast for the worldwide smart home device market.
"The worldwide smart home market continues to be negatively impacted by economic headwinds, although to varying degrees in each region" says Adam Wright, research manager for IDC's Smart Home and Office Devices research. "More advanced markets like North America and Western Europe are expected to decline again this year in part because of unfavorable economic conditions putting downward pressure on consumers' wallets, as well as a tapering off of growth as installed bases of most devices are reaching maturation. But other regions like Asia/Pacific and Latin America are earlier in their own smart home journeys and have much room to grow over the next several years."