Spending on smart-home-related hardware, services and installation fees will hit $103 this year, according to a September report by Strategy Analytics. It's also projected to reach $157 billion by 2023. The report comes as , from a three-in-one Amazon Smart Oven to the .
Spending on devices will make up 54% of the total, according to the 2019 Global Smart Home Market. It'll grow to $81 billion by 2023, the report projects.
At the end of last year, more than 200 million homes around the world had at least one smart home device, the report found. By 2023, there'll be 100 million more homes with smart devices, Strategy Analytics says. Further, more than 6.4 billion smart home devices will be in use by the end of 2023.
"Adoption of smart home solutions is continuing to grow, driven by increased awareness of the capabilities and benefits of the solutions," Bill Ablondi, director of smart home strategies at Strategy Analytics, said in a press release. "Prices for both services, e.g. monitored security and devices, have declined, making smart home products and services more affordable for a wider range of consumers."