TechInsights: It is expected that by 2028, smart homes will account for 46% of the global IP-connected device market share.

TechInsights has published a post stating that the number of connected smart home devices has doubled in the past 5 years, and is expected to double again in the next 5 years. Smart home devices are the fastest growing category, and by 2028, their share in the overall devices market will increase from 8% to 24%. Excluding enterprise IoT and connected cars, smart homes have seen their share of global IP connected devices increase from 17% in 2018 to 32% in 2023, with a projected reach of 46% by 2028. The smart home sub-markets include various types and configurations of devices like gateways, central controllers, thermostats, cameras, sensors, motion detectors, locks, lighting controls, plugs, etc. An average smart home will contain over 20 such devices, with more advanced homes having even more. TechInsights also predicts that smart home functionalities will expand to millions of households globally that do not currently use smart home products. TechInsights believes that the growth in market share of smart homes is at the expense of smartphones, mobile PCs, and tablets, with the percentage of these products seeing significant decreases. While smartphones are expected to grow by 2.3% from 2023 to 2028, the category of mobile PCs and tablets appears to be almost stagnant, with a projected compound annual growth rate of only 0.3% by 2028. Smart TVs and other internet media devices, including audio systems, BD players, DMAs, game consoles, digital cameras, e-readers, PMPs, portable game consoles, NAS, set-top boxes, DVRs, and consumer desktop PCs, have maintained almost the same share in all connected devices. The small categories not labeled in the image include smart speakers, smart displays, and wearables. Currently, these two categories account for 2% and 1.5%, respectively, of the global connected device market, but their share is not expected to increase in the coming years. This also includes connected cars, which, despite doubling their share from 2018 to 2028, only represent less than 1% of the global base.