The worldwide smart home market rose 16 percent year on year to USD 84 billion in 2017 and is set to continue climbing to nearly USD 96 billion in 2018, according to a report from Strategy Analytics. Looking ahead, global consumer spending on smart home devices, systems and services will grow at 10 percent CAGR to USD 155 billion by 2023, boosted by increasing adoption of smart speakers from Amazon and Google.

New offerings from Amazon, Google (Nest), ADT and Samsung are driving adoption in North America, while in Europe, UK-based Centrica Connected Homes’ Hive along with Deutsche Telekom’s Magenta Home, Germany’s eQ-3 and the Netherlands Enco’s Toon are boosting market demand. In Asia-Pacific, meanwhile, the market is currently powered by China’s Xiaomi, Korean service provider LG U+, Japan’s iTSCOM and Panasonic, as well as, Origin and Telstra in Australia.

The report predicts that North America will account for 41 percent, or USD 40 billion of total spending in 2018, followed by the Asia-Pacific region at USD 26 billion and Western Europe at USD 17 billion.