Smart Home to Have Second Straight Year of ‘Softening Growth’: Omdia
The global installed base of smart home devices will exceed 2 billion units this year, reported Omdia Monday. The smart home market is expected to have its second straight year of “softening growth” in 2022, “before an upward trajectory resumes…
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in 2023,” it said. It blamed the downward trend on a “combination of factors,” including wage stagnation and a large decline in projected retail sales, it said: “Strong growth, on par with pre-pandemic levels, is expected to return starting in 2023, driven by increased demand in energy management solutions and the impending release of the Matter standard.” The impact of Matter is expected to be “more gradual than originally anticipated,” said Omdia. It forecast about 424 million Matter-capable devices will be shipped in 2023. Considering that devices like home appliances, security cameras and robot vacuums won’t be part of the release of Matter 1.0, “the initial impact will be slow,” it said.