Home automation technology is expected to increase significantly this year and through the decade according to New York advisory firm ABI Research. Their new research projected smart appliance and consumer robotics sector will see an increase of 40% and generate $80 billion in revenue in 2021.
Consumers increasingly investing in their homes the second half of last 2020 due to travel restrictions and lack of social gatherings during the COVID-19 pandemic. The stay at home mandate drove the demand to replace aging appliances, a trend that isn’t slowing down. At the same time, appliance manufacturers are seeing robotics market valuable and will continue to embed more products, including those at lower prices, and with connectivity.
The report also noted that smart home technologies and robotics is increasingly a key category within the smart appliance space. A growing demand for smart appliances and consumer robotics comes as a level of standardization has come to smart home. Connectivity allows homeowners to install and use a number of different smart devices, making the products interchangeable.
“It is the combination of increased consumer awareness, greater product availability, and better price points that will see strong growth continue throughout the decade,” Jonathan Collins, ABI’s smart home research director, said in a statement.
