Smart Speakers to be the Hottest Product

IDC has forecast that the worldwide smart home devices market is expected to grow 31% year over year in 2018 to 643.9 million units and is forecast to be nearly 1.3 billion devices by 2022 with a five-year compound annual growth rate (CAGR) of 20.8%. The fastest growing category with a five-year CAGR of 39.1%, accounting for almost 100 million units in 2018 and 230.5 million by 2022, will be smart speakers such as the Amazon Echo and Google Home.

Video Entertainment devices (including dongles and adaptors such as Chromecast, Apple TV, Fire TV, and Roku’s devices) are expected to grow from 310.5 million units this year to 457.5 by 2022. That is equivalent to compound annual growth of 10.9%.

Analyst Comment

There are those that believe that smart speakers will evolve into smart displays. I certainly think that a good percentage could evolve in that way, but I’m not convinced that all will. For purely voice and audio applications a display is really not needed. However, for the sake of the display industry, I hope I’m wrong and that all of the smart speakers turn into smart displays. (BR).