People are spending more time at home as a result of the Covid-19 outbreak. While this has resulted in home office investments and banana bread baking frenzy, it has also given individuals an excuse to try out some new smart home technology. According to data released today by research firm IDC, the smart home industry has weathered “consistent supply chain problems, unemployment, and an inconsistent economic recovery,” growing 10.3% in Q3 2021 over Q3 2020.
In a statement, Senior Research Analyst Adam Wright said, “The smart home market continues to fare better than other consumer items amid the ongoing Covid-19 epidemic, although to variable degrees in different locations.” “Consumers have changed their spending priorities away from vacations and eating out to focus on adding more comfort, conveniences, and entertainment to their homes.”
The big winners were the entertainment devices. According to the research organisation, smart TVs and streaming players sold the most units, accounting for 35.3 percent of smart home shipments during the quarter. Smart home security products were the next in line (20.4 percent). Concerns about privacy, however, continue to be a roadblock to industry expansion. Globally, demand has surged as a result of improved broadband connectivity, “increasing disposable incomes,” and increased awareness of smart home goods.
According to IDC, the United States experienced the highest smart home shipments, with a quarter-over-quarter market growth of 9.5 percent. The average selling price for smart gadgets grew “upwards of 3%,” according to Jitesh Ubrani, IDC’s research manager for mobile device trackers. He ascribed the price increase to new feature sets and supply chain interruptions. As OLED grows more popular, the average price of a smart TV has increased by approximately 7%.