Research institution Strategy Analytics predicts that the smart home market will resume in 2021 and consumer spending will increase to USD 62 billion. It is predicted that the global smart home device market will continue to grow at a compound annual growth rate of 15 percent, and reach USD 88 billion by 2025. Consumer survey shows that “during the pandemic, as well as our observations of device companies such as Ring, Nest, and Philips Hue, and interactive security companies such as ADT, Comcast, and Vivint indicate some smart home devices were acquired because of the pandemic. Surveillance cameras and video doorbells sold via retail or through an interactive security company, especially those purchased by young families, are good examples of this phenomenon.”
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