The “smart home” idea is quickly becoming popular all over the world.
In fact, millions of people are using smart home devices for various home automation tasks like security, smart doorbells, and smart speakers like the Amazon Echo.
We have done the research so that we can bring you the smart home statistics you need to know for 2024 and beyond.
We will discuss the smart home market size, growth, and future expectations.
The statistics we reveal here will help you make a more informed decision about what kinds of smart home devices you want or need for your home.
Let’s explore smart home devices, trends, and more.
Key Smart Home Statistics
- It’s estimated that some 300 million homes are smart homes worldwide.
- 78% of homebuyers say they are willing to pay more for a smart home.
- The United States alone has over 63 million smart homes.
- The Far East and China host the most homes with smart technology in the world.
- Europe had the second highest number of smart homes with 81.2 million in 2020.
- In 2020, North America had 75.7 million smart homes.
- 75% of people in the United States say they distrust how their data is used.
- There is an average of about 8 smart home devices in American households.
- Video entertainment smart home technology is the most popular segment.
- As of 2020, the home security smart device segment accounted for 20.5% of the market.
Top Smart Home Statistics in 2024
1. It’s Estimated that Some 300 Million Homes Are Smart Homes Worldwide.
Statistics show that there are an estimated 360 million or more smart homes worldwide.
In 2023, the estimate is 360.72, but by 2024, that figure is expected to reach over 422 million.
It’s also predicted that between now and 2027, the number of smart homes in the world will reach over 672 million.
(Statista, Today’s Homeowner)
2. 78% of Homebuyers Say They Are Willing to Pay More for A Smart Home.
This statistic shows us that most people who are buying a home or considering buying a home nowadays are willing to spend extra for smart home features, according to one survey.
This also tells us that the popularity of smart home tech is likely to continue growing as adoption rates rise.
3. The United States Alone Has Over 63 Million Smart Homes.
The United States has many smart homes at 63.43 smart homes in the country.
However, that’s not the region with the highest penetration of smart homes as we will soon learn.
By 2027, the United States is expected to host 93.59 smart homes.
(Exploding Topics, Oberlo)
4. The Far East and China Host the Most Homes with Smart Technology in The World.
In China and other Asian countries, there are 140.5 million smart homes as of 2020.
This is expected to reach 375 million by the end of 2023 and 726.7 million by 2025.
By far, this region ranks number one in smart homes in the world.
5. Europe Had the Second Highest Number of Smart Homes with 81.2 Million in 2020.
According to 2020 data, Europe ranked second in terms of numbers of smart houses in the world.
This region had 81.2 million smart homes in 2020.
It’s expected that Europe’s smart home numbers will grow to 219.6 million by 2023 and 384.9 million by 2025.
6. In 2020, North America Had 75.7 Million Smart Homes.
The United States is part of the North American region where there were 75.7 million smart homes in 2020.
This puts North America in third after Europe.
By the end of 2023 it’s expected that there will be 192.5 million smart homes across North America and 329.2 million by 2025.
7. 75% of People in The United States Say They Distrust how Their Data Is Used.
According to a survey in the United States, 75% of respondent said they have an overall distrust in how their data is used.
How does this relate to smart home technology? Even with this level of distrust, most people in the United States are willing to use smart home tech.
8. There Is an Average of About 8 Smart Home Devices in American Households.
In terms of smart home devices, there are an average of 8 in American households.
This is only an average since not all Americans have adopted smart home technology.
It’s likely that homes with smart technology have more than one device.
9. Video Entertainment Smart Home Technology Is the Most Popular Segment.
It’s estimated that by the end of 2023, video entertainment will account for 29.9% of all smart home devices.
In 2018, this figure was 48.2%, which shows a decrease in this kind of device while home security showed the fastest growth and the highest growth between 2018 and 2023.
10. As of 2020, the Home Security Smart Device Segment Accounted for 20.5% of The Market.
Data from 2020 showed that the home security device sector accounted for 20.5% of the overall smart device market.
While it paled compared to video entertainment that accounted for 37% in 2020, this sector showed the most growth by 2023.
In 2023, the home security smart device sector is expected to make up 22.1% of the total market.
11. Smart Thermostats Have Seen Significant Growth in Recent Years.
Smart home thermostats have seen more growth in recent years.
In fact, this segment of the smart home device market is expected to grow from $4.45 billion (USD) in 2023 to $11.12 billion (USD) by 2028.
This is calculated by the expected CAGR of 20.10% grow in this forecast period.
(Mordor Intelligence, TechReport)
12. The Global Smart Speaker Segment Is Expected to Achieve $9.7 Billion by 2023.
This year, the global smart speaker segment of the overall smart device industry is expected to reach $9.7 billion (USD).
Moreover, smart speaker penetration is expected to grow by a CAGR of 21% this year.
13. Millennials Are the Most Likely Generation to Pay 20% More for Smart Homes.
In generational terms, Millennials are the ones who are most likely to pay 20% more for homes with smart technology included.
Today’s Millennials are changing the face of the real estate landscape by putting so much into technology.
This generation has high expectations for their homes, which is good news for real estate investors.
14. Each Smart Home Installation Generates an Average of $381.90 in Revenue.
If you’re wondering how much the average smart home installation generates in revenue, we found that it’s an average of $381.90 (USD) per installation.
This statistic also tells us what homeowners and potential homeowners can expect from smart home installations.
15. The Smart Home Security Sector Is Expected to Generate Revenues of $5.05 Billion by 2025.
One of the fastest growing segments, even with some decline over the past couple of years, is in the smart home security sector.
It’s expected to generate revenues of $4.3 billion (USD) in 2023 alone, but by 2025, that figure is expected to reach $5.05 billion (USD)
16. Smart TV Spending Reached 55% During the Global Pandemic.
According to statistics, during 2020 in the midst of the global pandemic lockdowns, spending on smart televisions reached 55%.
This is believed to be due to pure boredom with traditional televisions, so they decided to spend their money on smart TVs.
By 2023, this smart device sector is expected to reach over $2.5 billion (USD)
17. 5.3 Million UK Households Use Smart Home Technology.
According to data, 5.3 million out of all 27.8 households in the United Kingdom use smart home products.
This translates to 19.7% of households in the United Kingdom using smart home tech as of 2022.
In this instance, the United Kingdom is ranked behind The United States and China.
18. Smart Home Market Revenue Is Expected to Reach $8.62 Billion by 2026 in Germany.
Germany is country where people are increasingly adopting smart home technology.
In fact, data shows that the market revenue in this industry is expected to reach $8.62 billion (USD) by 2026 in Germany.
This leaves the country with lots of room to grow and adopt smart home technology.
That said, about 28% of German residents say they aren’t comfortable with smart home devices.
19. China Is Second only To the United States in Smart Home Technology Growth.
2019 data revealed that the United States is ahead of China in terms of smart home tech usage.
In China, there are 68 million smart homes out of the country’s 500 million households.
Compared to 63 million out of 140 million US households. That’s higher penetration than in China.
20. During the Global Pandemic, the Smart Security Systems Market Grew by 23%.
In terms of specific smart home products, the smart security systems market grew by 23% in 2020.
This has much to do with how more people have chosen to do more to protect their homes and families.
What Is a Smart Home?
A smart home is where a homeowner has equipped their home with devices that are controlled remotely via tablet, smartphone, or another remote device.
Smart home devices can be interconnected via the internet, which lets users control functions and features for various solutions such as security access, lighting, temperature, and a remote home theater.
How Much Does It Cost to Set up A Smart Home?
As you might suspect, the cost of setting up a smart home depends on the kinds of devices you select for your smart home needs and how many you choose.
Some people start with a few essentials like a smart speaker or smart lighting to dip their toes into the smart home concept.
If you want to have a full smart home setup, you will be investing thousands for a more comprehensive and sophisticated smart home environment.
Are Smart Home Devices Secure?
Let’s face it, smart home devices are as secure as any other device of convenience you own.
However, you can manage your home security in terms of smart home devices by taking precautions like keeping software updated and using strong passwords.
Keeping your smart home devices involves the same basic precautions as your computer, tablet, smartphone, and online accounts.
Also, avoid sharing your smart home devices with others.
What Are Some Recent Trends in Smart Home Tech?
We did a little digging and found these latest trends in smart home technology:
• AI (artificial intelligence): AI is being used and is currently evolving in the development of creating smarter home devices. For instance, AI-driven thermostats learn your heating and cooling habits are and will adjust the temperature to help you save money and energy.
• Voice Assistants: Amazon Alexa and Google Assistant are two popular voice assistants used for smart home devices. This technology allows you to use voice commands.
• Mesh Wi-Fi: Mesh Wi-Fi is designed to provide better coverage throughout your home, which is a crucial element of having interconnected smart home devices.
What Does the Future of Smart Home Technology Look Like?
The future of smart home technology is looking quite promising.
As smart home devices become more affordable and accessible to more people across the globe, there will be more usage.
It’s likely that smart home technology will evolve and grow all over the world as new user-friendly devices and features continue to roll out.
These statistics tell us that there are over 300 million global smart homes as of 2023.
Moreover, we also understand that the United States has the highest penetration in smart home devices with China not far behind.
There is also a lot of data about other regions of the world and the adoption of and size of the smart home market.
There is a lot to take away from this article, but one thing is for sure; the smart home technology industry is here to stay.
Our hope is that you have gathered enough data from these smart home statistics to make an informed decision about want kind of smart home devices you want/need or if you need this technology at all.