Smart home automation and monitoring devices will grow to over 770m globally by 2021, a growth of over 1,000 per cent from the 68m devices estimated in 2016.
According to research from Juniper Research, North America, the Far East and China, and Western Europe, will account for almost 75 per cent of all households adopting the technology in 2021.
The report also forecasts that home automation hardware sales will exceed subscription revenues for the first time in 2018, reaching $6.2bn – stating that though subscription services will still see an increase, one-off purchases will grow faster.
Furthermore, it found that there will be new entrants and disruptors – using technologies such as machine learning – will ‘intensify input from the developer community’ in 2017.
Research author Sam Barker said: “Successful players will be able to identify critical issues which can be alleviated through the introduction of smart home technology. For example, countries that are faced with ageing populations, such as Japan, will benefit from increasing interplay between automation and digital health services”.