Top 35 Smart Home Facts and Statistics (2024)

Top 35 Smart Home Facts and Statistics

Author

Content Marketing Manager

Alexis Curls is a content strategist on the Today’s Homeowner team. She specializes in home services research. She graduated from the University of Florida with a Bachelor of Science in Public Relations.

Updated On

March 29, 2024

Smart homes are increasingly popular with new technology and the ability to connect existing products to the internet and control them with common handheld devices.

For those who are unfamiliar with smart homes and how they work, they’re essentially a collection of home appliances and devices that are linked via an internet connection. With a connection, homeowners can control things like heating, cooling, lighting, security, and entertainment devices from the convenience of a smartphone or computer.

Key Smart Home Statistics

There are an estimated 300 million smart homes in the world. ¹
60.4 million U.S homes households actively used smart home devices in 2023. ^{5 / 26}
American smart home device owners spent an average of $1,172 on their smart-tech household electronics. ¹⁹
60% of Americans with smart home devices say smart technology has a positive impact on their lives. ¹⁹
By 2023, the smart home industry automation in U.S. homes will be 53.9%. ⁸
Experts suggest the global home automation market will be worth $81.6 billion by 2023. ⁴
59% of Americans who are concerned with climate change are willing to pay more for smart home devices. ¹⁹
75% of people feel some level of distrust about how their data is used, yet most people are willing to use smart home technology.²³
The number of Smart Homes in the global market is expected to be 478.2 million in 2025. ¹
The emergence of new software technology like Matter, which allows smart devices to be compatible across brands, will push market growth for smart home devices. ²⁵

Smart Home Effects on Real Estate

Millennials are changing the real estate landscape for home upgrades because they are willing to pay 20% or more for the connectivity of a smart home.²⁴
81% of consumers say they are more likely to purchase a new home that has smart technology.⁸
62% of Gen Z renters say smart home tech is an important factor in deciding where they live. ¹⁸
As of 2019, 43% of Gen Z homebuyers said smart home capabilities were highly important, whereas only 15% of Baby Boomers said the same. ⁹

Smart Home Stats by Device

Voice Assistants

Forecasts suggest that by 2024, the number of digital voice assistants will reach 8.4 billion units, a number higher than the global population. ⁶
Approximately 34% of U.S. citizens use a search-by-voice feature at least once per month. ⁸
The total worldwide transaction value of purchases made through voice assistants on smart-home devices is expected to rise from $22 billion 2020 to $164 billion in 2025. ¹⁵
Market size for voice assistants is expected to grow to $99 billion by 2026. ²²

Heating and Cooling

Energy Star-certified smart thermostats can lower the time spent heating a home by at least 8% and cooling it by 10% or more. ²¹
The market size of a smart thermostat was projected to reach more than $8 billion by 2026. ⁷
Analysts say 19.6 million smart thermostats were installed in the United States by the end of 2022 ²
If smart thermostats were installed in every home with an HVAC system by 2026, it’s estimated they could cut annual space heating and cooling energy consumption by 9%. ²

A/V

Smart TVs and speaker systems are the most popular type of smart home tech incorporated in homes. ¹⁷
According to home automation system statistics, 44% of smart homes include smart entertainment systems such as Google Chromecast, Apple TV, or Amazon FireTV. ¹¹
The global smart TV market demand was measured at 268.9 million units in 2020, and experts expect it to have a compounding annual growth rate (CAGR) of 20.8% from 2021 to 2028. ¹¹

Security

In 2022, the global smart home security market produced $3.27 billion in revenue. By 2025, the forecast is to exceed $5 billion. ¹³
Smart security systems can cut home insurance rates by 20%. ¹⁴
The revenue estimates for the global smart doorbell market increased to $13 billion. ¹³
14.6% of Americans own video doorbells, making them the most popular safety and security smart home devices. ¹⁹

Appliances

Smart appliances generate the most significant share of the overall market income. Global consumers are forecast to spend $21.5 billion in 2023.¹⁶
The size of the global smart kitchen market is projected to grow through 2027, reaching $43 billion. ¹⁰
Smart refrigerators can significantly increase energy efficiency. Earlier refrigerators used up to 1,278 KW hours per year, whereas smart refrigerators provide an average capacity of more than 21.9%. ²⁰

Lighting

Household penetration of smart lighting was projected at 6.6% in 2022 and is expected to hit 21.5% by 2027. ¹²
Lighting accounts for around 15% of an average home's electricity use, and the average household saves about $225 in energy costs per year by using LED lighting. ³
By 2030, the smart lighting market is expected to almost quadruple to $44 billion from $11 billion in 2020. ¹²

From changing the room temperature to monitoring the security and accessibility of the home, people like increased technology to ensure convenience and cost savings using smart-home devices. While some users have doubts about smart technology because of certain vulnerabilities, constant evolution of technology and high-speed internet service guarantees the popularity of connected homes will continue to grow globally.

Sources:

1. https://www.statista.com/forecasts/887613/number-of-smart-homes-in-the-smart-home-market-in-the-world

2. https://www.utilitydive.com/news/smart-thermostats-us-slow-adoption-misses-energy-savings/630901/

3. https://www.energy.gov/energysaver/lighting-choices-save-you-money

4. https://www.nar.realtor/smart-homes

5. https://time.com/5634791/smart-homes-future/

6. https://www.statista.com/statistics/973815/worldwide-digital-voice-assistant-in-use/

7. https://www.statista.com/statistics/1097943/forecast-comparison-of-global-smart-thermostat-market-size/

8. https://techjury.net/blog/smart-home-statistics/#gref

9. https://www.statista.com/statistics/1056623/smart-homes-important-home-buyers-usa-by-generation/

10. https://www.statista.com/statistics/1015395/worldwide-smart-kitchen-market-revenue/

11. https://www.marketingdive.com/spons/as-connected-tv-use-continues-to-grow-heres-how-brands-can-use-the-medium/627135/