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Smart Home Market Expected to Hit $158B by 2024

Data from PreciseSecurity.com projects the global smart home market revenue is expected to reach $158 billion by 2024—with the U.S. leading the way with $27.6 billion this year. 

The report adds that one-third of all smart-home device owners are millennials.  

The global smart home market was worth $43.4 billion in 2017. Industry revenue has doubled and is expected to reach $91 billion in 2020. Statistics indicate the overall market will have an annual growth rate of 15% by 2024. 

Global consumers are expected to spend $21.5 billion in 2020 on devices they can connect to smartphones or tablets for more control and information. This segment of the market is expected to jump to $39.6 billion by 2024.

The move to technology is not only evident in the gadgets homeowners can use, but also in the ways that prospective homeowners decide how to buy and sell. 

A survey by Matterport found buyers and sellers are more likely to switch to agents who utilize tech and AI

The survey polled 2,000 property buyers and sellers and nearly 80% of those surveyed would switch to a real estate agent offering 3D tour of properties. 

Millennials and Gen Z respondents are overwhelmingly in favor of more immersive listings, as 83% of millennials and 94% of Gen Zs would use agents utilizing more immersive techniques. 

Just 63% of Gen Xers would switch to those featuring 3D tours. 

“It’s clear that property listings with only static photos will no longer be viable options,” said Jay Remley, Chief Revenue Officer of Matterport. “An immersive 3D experience is what buyers and sellers want—and it pays off. Properties sell 20% faster and close up to 9% higher price with a Matterport 3D tour.” 

Respondents from both groups agreed that offering 3D tours would improve the competitive edge of a listing. Also, 92% of prospective buyers would be more likely to buy a home if the property listed had an immersive 3D tour available. 

Approximately 90% of prospective buyers reported that an immersive 3D tour allows them to take “digital measurements” of rooms, walls, doors, windows, and more.

More than half (55%) of prospective buyers said they would buy a property sight-unseen if a 3D tour was unavailable. 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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