Annual Forecasted Revenue of Core Smart Home Product Categories in 2027 is $12.6 billion

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Oct 17, 2023, 08:43 ET

New research report addresses growth in the smart home and the potential impact of the Matter standard and generative AI

DALLAS, Oct. 17, 2023 /PRNewswire/ -- In its new research study Interoperability & Generative AI: Next Generation Smart Home UI, Parks Associates forecasts the annual revenues from core smart home product categories will be $12.6 billion in 2027. The report highlights the current state of the smart home market and analyzes current efforts, including Matter and generative AI, designed to enable a unified experience across device types.

Parks Associates: Annual Forecasted Revenues of Core Smart Home Product Categories in 2027 is $12.6 billion

Parks Associates research shows most consumers still gravitate towards purchasing point solutions tailored to specific use cases. This prevailing trend limits the potential for integration and the realization of whole-home experiences that truly elevate the smart home lifestyle.

"As new brands and device categories flood the market with more options, they can exacerbate the challenges of integrating and creating a seamless smart home experience," said Jennifer Kent, VP, Research, Parks Associates.

Despite the competition, the potential for a more cohesive smart home experience is increasing as two significant disruptions, generative AI and the new standard Matter, impact the industry. Matter is a landmark standard introduced in 2021 by the Connectivity Standards Alliance (CSA) and aims at breaking down barriers between technology ecosystems through interoperability.

"Generative AI is poised to enhance the experience by going beyond control to deliver improved voice interactions and easy navigation of complex smart home installations," Kent said. "By increasing the value proposition in smart home experiences, the industry adds to the current and future revenue potential in smart home and security solutions."

This report evaluates consumer preferences for smart home control and UI, trends in interoperability and standards, and the expected impact of generative AI on smart home controls. It includes a five-year forecast of the installed base of smart home devices in the United States.

To arrange an interview with Parks Associates' expert analysts or to request specific data from this comprehensive study, contact [email protected] or call 972-490-1113.

About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. http://www.parksassociates.com

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SOURCE Parks Associates