A reduction in office occupancy and lease terminations, due to the growth of remote work, has had an inverse effect on consumer spending. As an example, despite the economic issues in some markets, spending on smart home devices grew in 2022. According to the latest market study by ABI Research, by the end of the year, smart home hardware revenues -- including devices, hubs, and controllers -- will surpass $30 billion worldwide, that's up by 15 percent over 2021. Smart Home Market Development According to the ABI assessment, driving investments in the face of a sharper economic reality is a growing expectation among consumers for smart home capabilities that deliver greater value. "The COVID pandemic-induced emphasis on home improvement boosted the Smart Home industry," said Jonathan Collins, research director at ABI Research . The Work-from-Home phenomenon moved into a more mainstream awareness that continues to bolster spending as consumers look to replace or improve d...
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