Despite a turbulent 2020, the smart home market is poised for growth as the industry aims to bring intelligence to “not-so-smart” smart homes, according to research group Omdia. 

Omdia has produced a report for Security Industry Association (SIA) members to provide research and statistics on the government market for physical security equipment and solutions in the United States. 

The global video surveillance market revenues are set to reach $24 billion by the end of 2021, according to Omdia’s latest Video Surveillance and Analytics Intelligence Database.

Airports and event venues are set to be the most affected industries with revenues set to decline between 13 percent and 42 percent due to the global pandemic.

The global smart home market is now predicted to total $101 billion in 2020, down from Omdia’s previous forecast of $120.6 billion. 

Although the coronavirus outbreak has had only a minimal impact on the video surveillance market so far, the industry still faces a risk from falling demand and a potential production bottleneck spurred by labor and component shortages in China.