Smart home automation revenue to rise 260% through 2023

Global SourcesUpdated on 2023/12/01

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Intelligent access control and security products are key growth and revenue drivers.

Image source: geralt via Pixabay

The popularity and increasing supply of smart security solutions are propelling the growth of the overall home automation market by big numbers. According to a report by market research provider Juniper Research, smart home automation revenue will rise from $12 billion to $45 billion, or by 260 percent, from 2018 to 2023.

Companies adding smart access control solutions to their offerings, the improvements in interoperability, and home insurance bundled with smart home technologies are said to be keys that will continue to keep the home automation industry afloat.

Mentioned in the report was how big brands’ moves, like Amazon acquiring next-gen doorbell maker Ring, provide a big boost to the home automation market. In addition, consumers are said to become more interested in home automation and security now that makers are releasing more open-source innovations which also forces the competition to focus on features for better products. Buyers are also encouraged more to have smart automated homes through home insurance deals with reliable smart home access and safety solutions included.

Importers can make the most out of the hot smart home automation market by sourcing in-demand products, such as smart doorbells, access control systems, water leak detectors and smoke alarms, based on the trends in the report.

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Smart home automation revenue to rise 260% through 2023

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