The success of smart homes began with professional security providers offering bundled packages, focused mostly on security monitoring. However, due to the cost of professional contracts, consumers began to embrace the do-it-yourself (DIY) approach. Despite the challenges and opportunities that come with professional and DIY approaches, the momentum of smart home growth depends on these two approaches working symbiotically.
Smart home systems
In 2017, there were about 122 million smart home devices shipped globally, according to IHS Markit. The retail channel represented about 62 percent of all device shipments in 2017 and will represent about 70 percent in 2021. Despite the increased demand for professional installation, the “do-it-for-me” approach, most the volume remains with ad-hoc purchases. This includes a consumer video camera or a smart thermostat purchase from a retailer.