Spending on automated home devices to hit $75 billion by 2025
Two smart home devices to drive industry growth named. Source: shutterstock.com
Global spending on automated home devices is expected to reach $75 billion by 2025, up from $23bn in 2018, according to the latest report by GlobalData.
Much of that growth will be driven by two types of devices: smart thermostats, which are becoming increasingly common as consumers and governments alike look to control energy consumption; and smart speakers, relatively recent entrants to the market (the first device, Amazon’s Echo, was only launched in 2014) that have proven to be phenomenally popular.
The Echo range of smart speakers are the foundation of Amazon’s automated home business and the company has looked to build on that with acquisitions, including spending $1bn on smart doorbell manufacturer Ring. Google’s decision to bring its automated home business together under the Nest brand should help it compete better with Amazon. GlobalData notes that the Chinese market represents a significant opportunity, with Alibaba, Baidu, and Xiaomi the leading vendors.
SEE ALSO: Smart home technology: pros and cons
