The smart home DIY market will show a rapid growth trend, and the compound annual growth rate is expected to reach 35% by 2023

According to foreign media reports, a new research report shows that the smart home DIY market is expected to show a rapid growth trend by 2023, with a compound annual growth rate of 35% and a record market size of 54 billion US dollars.

Mankind has used technology as a means to simplify life for many years. Especially in recent years, the pace of technological progress has accelerated, making people's smart home dreams gradually become a reality. Now, people can control smart home devices through personalized intelligent interactive operation methods such as smart phones and AI voice assistants to achieve various life scenarios they need.

Smart home technology is widely used, such as heating, ventilation and air conditioning (HVAC), security, centralized control of household appliances, and so on. With the emergence of smart home DIY products, it has brought huge market prospects to the smart home market. The demand for DIY smart home products such as wireless security cameras and lighting control systems proves this trend. An MRFR research report "Global Smart Home DIY Market Report" shows that the smart home DIY market will show rapid growth from 2017 to 2023, with a compound annual growth rate of 35%, and the market size will hit a record of 54 billion US dollars.

Both technology giants and start-ups have poured into the smart home DIY market by solving various problems in people's daily lives, leading to the current fierce market competition. In addition, according to the global census report, the global population aging process is accelerating. This means that the widespread security issues among the elderly will greatly promote the rapid growth of the smart home market.

At the same time, the innovative design of smart home hardware and software products has also promoted the rapid popularization of smart home products. Among all smart home DIY products, smart cameras occupy a major part of the retail market. Consumers can enjoy video recording, sharing and other services at a very low price. Compared with professional services, the smart home DIY market has the characteristics of lower cost and convenient installation and use experience.