Only a decade ago it may have been hard to imagine how digital and connected many of our home features would become. From thermostats to speakers to refrigerators that can all be controlled with voice commands or from a phone, many homes today are now “smart homes,” relying on connected devices that allow for convenient access, even when we are not physically inside our residence.
Revenue in the smart home market is projected to reach $115.70 billion dollars this year and forecasted to growth 13.97% through 2026 with a projected market volume of $195.20 billion in three years. The number of active households is expected to amount to 573.7 million users by 2026. Household penetration will be 14.2% in 2022 and is expected to hit 25.0% by 2026.
Clearly, smart homes are here to stay, and the market has plenty of growth yet to be realized. But with so many manufacturers and devices to choose from, the smart home landscape is often a mishmash of support and usability. It’s confusing to figure out which product works with others. Compatible options can be limited, depending on which manufacturer you choose. And, regardless of which devices consumers choose, they are stuck with only a small portion of compatible devices that work with their platform of choice. Simply put, until now, the lack of a unifying standard among various smart home technology standards made using devices together complicated and difficult.
Enter Matter, a smart home standard and common language for smart home