In key geographic markets, smart home device sales will reach 356.3 million units annually in 2024, accounting for 80.2 million total smart homes. This represents an installed base of 1.33 billion smart home devices, with annual sales revenue of $21.3 billion (€18.99 billion) in 2024.
Although designs have changed over the years, consumers have been using the same basic technology since the 1880s to switch on and off the lighting in their homes and offices. Now, with smartphone penetration at an all-time high and the market for smart LED bulbs increasing exponentially, has the time finally come to permanently turn off old light switches?
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