The U.S. smart home market is growing quickly. In fact, the Home Improvement Research Institute (HIRI) projects that the market will more than triple in size from 2018 to 2022.
Five years ago, safety and security devices were the biggest draw for people to start buying smart home products. Today, consumer electronics is now the top-selling category by far, HIRI’s research shows. Consumer electronics include smart speakers, such as Amazon’s Alexa, and smart appliances.
Surveyed retailers continue to sell more smart home products to consumers than any other channel, though homebuilders who incorporate smart products into their projects are becoming increasingly common. HIRI predicts that the builder channel will grow rapidly from 2018 to 2022 as a route for smart home products to go to market, with a compound annual growth rate of 61.7 percent.
Learn more about HIRI and access market sizing and category data by joining HIRI at HIRI.org.