Monday, May 27, 2024
Insights

More than half of UK homes to be smart homes by 2027

The home entertainment sector is currently thriving, with the United Kingdom positioned as one of its largest global markets.

Leading home technology installer, Robert Taussig, reports that the United Kingdom will see the integration of 15.1 million smart homes by 2027. In essence, this means that more than half of households in the UK will feature smart home entertainment systems by 2027.

UK Smart Home Adoption Set to Grow by 30% in 2023

In 2023, the number of smart homes in the United Kingdom is poised to increase from 4.4 million in 2022 to 5.7 million, reflecting an annual growth rate of 30%. These statistics are derived from the Market Insights report by data firm Statista, encompassing multi-room music devices, entertainment-specific remote controls, and streaming devices as part of this segment.

According to this data, smart home adoption in the UK stood at just 1.3 million in 2017, constituting a 4.5% market penetration and increased to 4.4 million last year, with a penetration rate of 15%, with the annual growth rate in this period consistently hovering between 20% and 30%. Projections indicate that this growth rate will maintain its momentum in 2023, resulting in a 19.1% penetration rate. Essentially, one out of every five UK homes will be smart homes in 2023.

Expectations of sustained growth underscore the UK’s evolving market dynamics. By 2024, the smart home count is forecasted to reach 7.2 million, corresponding to a 24.4% market penetration. By 2027, this figure is set to soar to 15.1 million smart homes, achieving an impressive 50.2% market presence.

The UK smart home entertainment market holds a significant position in the industry landscape. The UK sector is expected to generate £814 million in annual revenue by 2023, ranking it just behind the United States and China, the two largest markets in the world.

Robert Taussig comments, “As smart home adoption continues to grow, the systems we install are becoming smarter. We’re moving closer to the realization of childhood Jetson and Jarvis dreams, where we can seamlessly control our living and entertainment spaces. These systems not only monitor and curb our energy usage but also intuitively respond to our every need and want, making life more convenient and futuristic than we ever imagined.”