The smart home movement is becoming more and more prominent in Aussie households – and the new technology is being embraced by more than just avo-eating millennials, as it becomes simpler to use and more affordable than ever before. So, here’s a look at some of the latest trends to appear on the tech scene.
According to Australian emerging technology analysis, the market for internet-connected smart home technology grew by an incredible 57% last year. A rapidly growing industry already worth some $1.1 billion, it’s predicted to hit a staggering $5.3 Billion by 2023.
Half of all Australian households have begun the smart tech journey, with internet-connected voice assistant devices and smart speakers like the Amazon Echo with Alexa, Apple HomePod, and Google Home being particularly popular. And with the roll-out of the 5G mobile network, the possibilities and new products just keep expanding.
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- Revenue in the Smart Home market is projected to reach US$1,273m in 2020.
- Revenue is expected to show an annual growth rate (CAGR 2020-2025) of 15.6%, resulting in a projected market volume of US$2,630m by 2025.
- Household penetration will be 25.4% in 2020 and is expected to hit 49.1% by 2025.
- The average revenue per installed Smart Home currently is expected to amount to US$488.36.
- A global comparison reveals that most revenue is generated in the United States (US$25,246m in 2020).
Smart appliances, connected through a home network, are the entry-level for some Australian smart home customers. This is considered by many to be the largest growing market globally. An important driver of growth in home automation in Australia is the reduction in manufacturing costs for smart appliances. As the price comes down, more appliances will have smart connectivity included.