COVID-19 Cuts Smart Home Growth by US$14 Billion in 2020, But Drives Future Change

August 11, 2020 / PRNewswire /
– Despite the impact of the pandemic around the world, consumers
Smart home spending will continue to rise in 2020. However, spending will increase
far below expectations before COVID-19. A new study from global
The technology market consultancy, ABI Research, has found this smart home
Revenue will reach $ 85 billion in the
2020, only an increase of 4% compared to 2019. Smart home before the 2020 pandemic
For 2019, sales growth of 21% was forecast – a $ 14.1 billion Loss.

ABI Research

Economic uncertainty, consumer spending restraint, limited
physical retail opportunities, installation restrictions, disrupted
Manufacturing and sales have slowed down the smart home
Spending, but the study finds that the spending is lacking

"The pandemic is a double-edged sword for the smart home
Industry "says Jonathan Collins,
Smart Home Research Director at ABI Research. "During the immediate
Impacts can be negative, many of the long-term and structural
The changes in consumer life initiated in 2020 will be permanent
positive impact that will help promote adoption in many areas
the smart home space. "

As the restrictions and delays on smart home broadcasts ease, a
More momentum behind supporting smart homes in a number of
Devices and systems will increase annual smart home revenue. By
The smart home market will reach 2026 $ 317 billion, 5% more than before COVID-19

Much of the revenue lost in 2020 will be postponed to the next
and in the following years, especially as Smart Home has cemented its
Value for providers and consumers alike. "Smart Home has one
increasingly valuable roles in consumer life and spending
Habits. For example, Amazon's Alexa platform makes it easier for consumers
Spending through Amazon's own stores through support of the whole
Process from creating the shopping list to delivery management. This
highlights the trajectory for smart home to increasingly shape and
Increase consumer spending.

However, when new players come into the smart home space, there is spending
will differ from the pre-COVID investments in terms of technologies
supported. Lost 2020 shipments affect its longevity and attractiveness
some approaches, such as traditional motion and contact sensors.
Instead, these functions are taken over as functions in
Video camera surveillance or technologies like Wi-Fi Motion
Sensing made by companies like Cognitive Systems and
available through support in broadband routers. New and present
Smart home providers who will break new ground to bring smart home
Functionality at a lower price or with less hardware.

"COVID-19 may have impacted smart home revenues this year, however
In the long run, it will also help attract investment and drive more
Introduction and interruption of the integration of smart home technologies ", concludes

These results come from ABI Research's Smart Home
System market data report. This report is part of the
Company's smart home research service including
Research, data and insights from analysts. Based on extensive primary
Interviews and reports on application analysis are presented in detail
Analysis of major market trends and factors for a particular

About ABI Research
ABI Research offers strategic
Guide for visionaries who want actionable information about the
transformative technologies that are changing dramatically
Industries, economies, and workers around the world. ABI
Research's global team of analysts publishes groundbreaking studies
often years ahead of other technology consulting firms that empower
our customers to be one step ahead of their markets and their markets

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