That, at least, is the utopian version of the smart home that exists 10 years out. Swedish research firm Berg Insight says 63 million American homes will qualify as “smart” by 2022, with everything from Internet-connected light bulbs to cameras that let us spy on our pets from the office (there were nearly 130 million homes in the U.S. in total in 2018). But a decade from now, experts say, we’ll move from turning the lights on and off with our voices to total immersion in the Internet of Things (IoT). Central to all of this will be the data that smart homes collect, analyze and act upon, helping to turn the houses of the future from a mere collection of gadgets and accessories into truly “smart” homes.
All the automated attentiveness will come with a high price tag: consumers will spend $123 billion on IoT gear by 2021, according to advisory firm ABI Research, a number that’s likely to rise thereafter. Aside from Internet-connected televisions, manufacturers are putting their R&D and marketing budgets behind home-monitoring and security gadgets–they will have 22.6% of the smart-home market share by 2023, estimates research firm IDC, with smart speakers and lighting equipment not far behind, at 15.4% and 11.8% respectively. There are already at least 7 billion connected IoT devices, according to market-research company IoT Analytics. But as smart-home technology becomes easier to use and its benefits become more clear, the industry is poised to take off. “Sustained growth is expected to continue… as consumers adopt multiple devices within their homes and as global availability of products and services increases,” according to IDC.