Despite Economic Woes, Consumers Drive Smart Home Hardware Revenues to US$30 Billion in 2022

Similarly, the largest consumer technology and home goods players, from Amazon and Apple to Ikea and Somfy, are expanding their products to connect into existing smart home systems. Strong support for the Matter 1.0 specification, released in early October, enables cross-vendor device interoperability, which maximizes the potential for their products to reach consumers and simplifies consumers' purchase and installation of new devices. Similarly, the largest consumer technology and home goods...

Similarly, the largest consumer technology and home goods players, from Amazon and Apple to Ikea and Somfy, are expanding their products to connect into existing smart home systems. Strong support for the Matter 1.0 specification, released in early October, enables cross-vendor device interoperability, which maximizes the potential for their products to reach consumers and simplifies consumers' purchase and installation of new devices.

As consumer demand and expectations for smart home capabilities grow, device purchases are pushing into previously underserved market areas, such as Multi-Dwelling Units (MDUs), hospitality, and more.

"That is not to say growth will be even across device categories or vendors. Interoperability, functionality, and application integration will all be key to spending as consumers increasingly transition from single device purchasing to building out whole-home systems," says Collins.

These findings are from ABI Research's Smart Home Hardware market data report. This report is part of the company's Smart Homes & Buildings research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Market Data reports present in-depth analysis on key market trends and factors for a specific technology.

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