In this latest installment of our MIPI in IoT blog series, we'll examine the use of MIPI specifications in the smart home market, including a closer look at the features of key MIPI specifications in IoT and how they can meet the specific requirements of smart home devices.
Overview of the smart home market
According to a recent analyst report, global consumer spending on smart home hardware, services and installation totaled $86 billion in 2020, slightly lower than predicted due to the COVID-19 pandemic. However, growth and spending on smart home services is expected to bounce back in 2021 to $123 billion and continue to grow at a 15% CAGR (compound annual growth rate) to $173 billion by 2025. Also by 2025, it is predicted that more than 400 million homes worldwide—or 19% of all households—will have at least one type of smart system installed, such as home security, home control and automation, home entertainment systems and/or smart appliances.