According to the International Data Corporation (IDC) 549.5 million smart devices will be shipped worldwide during 2018.
That's a 26.8 per cent increase compared to 2017.
The organisation predicts smart speakers and video entertainment products are expected to represent 71 per cent of the market in 2018 and will see a compound annual growth rate (CAGR) of 12 per cent from 2018-2022.
It says Smart TVs and digital media adaptors will be the largest area of the smart home market.
"With TVs being the centrepiece of many homes, device and platform makers are competing for users' attention with the inclusion of smart assistants and other over-the-top services," said Jitesh Ubrani, senior research analyst for IDC Mobile Device Trackers.
"While Amazon's Alexa leads in this space today, the Google Assistant is expected to gain dominance in the future as an increasing number of international brands include support and consumers' familiarity with the Assistant on smartphones leads to growing demand for the Assistant on TVs."