Guidehouse Insights estimates that the global market for smart home connectivity devices will grow at a compound annual growth rate of 21% through 2031

Market barriers to smart home adoption include connectivity issues and the need for protocol bridges

BOULDER, Col.July 6, 2022 /PRNewswire/ — A new report from Guidehouse Insights analyzes the connectivity technologies underpinning smart home deployments and provides an assessment of unit shipments and device revenues in the smart home space, broken down by primary connectivity protocol.

(PRNews photo/Guidehouse Insights)

(PRNews photo/Guidehouse Insights)

The introduction of wireless protocols has opened up the market to a wider range of consumers, including those who are not building their homes from scratch. The ubiquity of protocols such as Wi-Fi and Bluetooth, and the popularity of voice interfaces, have boosted the popularity of smart home devices. According to a new report from Guidehouse Insights, the global smart home connectivity device market is expected to grow at a compound annual growth rate (CAGR) of 21.3% from 2022 to 2031, reaching a total of 984.6 million shipped devices. by 2031.

“Only with the introduction of wireless protocols to connect devices has the smart home really become viable,” says Francesco Radicate, senior research analyst at Guidehouse Insights. “Before the launch of technologies such as Wi-Fi, Zigbee and Z-Wave, a smart home would have had to be equipped with cables to connect each device, making it a more expensive proposition and difficult to adapt over time. The cost and work involved meant that smart home devices were limited to affluent homeowners who could make such changes in their own homes.”

One of the major barriers to smart home adoption is the proliferation of wireless protocols connecting certain types of devices and ecosystems. Some are easily recognizable to consumers, such as Bluetooth and Wi-Fi, while others are more familiar to early adopters of smart homes, such as Zigbee and Z-Wave. Very few are directly interoperable with each other, so consumers typically need protocol bridges or dedicated hubs before connecting one set of devices to another, according to the report.

The report, Smart Home Connectivity, discusses how different connectivity protocols are used in smart home settings and how these protocols depend on different usage scenarios. It also provides a forecast for expected shipments and revenues of smart home devices according to the primary connectivity protocol. A summary of the report can be downloaded free of charge at the Guidehouse Insights website

About Guidehouse Insights

Guidehouse Insights, Guidehouse’s dedicated market intelligence division, provides research, data and benchmarking services for today’s fast-changing and highly regulated industries. Our insights are based on an in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, primary end-user research and demand assessment, combined with an in-depth examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at: www.guidehouseinsights.com

About Guidehouse

Guidehouse is a leading global provider of advisory services to the public sector and commercial markets, with broad capabilities in management, technology and risk advisory. Combining our expertise in the public and private sectors, we help clients address their most complex challenges and deal with significant regulatory pressures, with a focus on transformational change, business resilience and technology-driven innovation. Through a range of consulting, consulting, outsourcing and digital services, we create scalable, innovative solutions that help our clients outsmart complexity and position them for future growth and success. The company has more than 13,000 professionals in more than 50 locations worldwide. Guidehouse is a portfolio company of Veritas Capital, led by experienced professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, visit www.guidehouse.com

* The information in this press release about the report, Smart Home Connectivity is a summary and reflects Guidehouse Insights’ current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results could differ materially from those contained in this press release or report. Please refer to the full report for a full understanding of the assumptions underlying the report’s conclusions and the methods used to prepare the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update the information contained in this press release or report.

For further information contact:

Cecile Fradkin
+1.646.941.9139
[email protected]

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SOURCE Guidehouse Insights

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