It does not come as much of a surprise that the smart home industry is thriving right now. Recent reports suggest that the worldwide smart home devices market is set to grow 31% over the course of 2018. Just under 650 million smart home device shipments will be made by the end of the year.
As part of this projection, smart speakers, video entertainment devices, smart lights, smart thermostats and home surveillance products are included. By 2022, it is expected that 1.3 billion smart home devices will be shipped annually. This is a compound annual growth rate of 20.8%. Smart speakers, such as Amazon Echo and Google Home, are set to experience the largest compound annual growth rate during this period at an astounding 39.1%.
These figures help to confirm the belief that alarm monitoring and home security is no longer just about security, life-safety and intrusion support. Smart home functionality is quickly becoming an integral feature of owning and operating a complete security system. The same system that keeps you and your family safe also works to control your lights, heat and cool your home and help you save money on your energy bills. And we fully expect for a user's smart home devices to become even more integrated with their alarm systems in the next few years.
Indeed, the future is now for security systems and smart home devices. Countless people operate their home automation devices and their alarm systems with the press of a button or a simple voice command. And while your security system will always be there to protect you and your loved ones, it will soon be doing so much more. Alarm monitoring and home automation are no-longer mutually exclusive. We've recognized this for a few years now, and it is just becoming more and more apparent over time. This trend is only going to increase as smart home technology continues to develop.
If you haven't already gotten started with smart home automation, the time is now. Alarm Grid isn't just your home for industry-leading security and protection. Our services are also here to make your life easier. We're constantly working to expand our smart home lineup and help our customers get the most our of their home automation functionality, whether it's through Apple's Siri, Google Home or Amazon Alexa. Just last month, we added Lutron Smart Lighting to our offerings. Even before that, we already offered a great lineup of Z-Wave devices that are compatible with the vast majority of our alarm panels. And we're only looking to grow from here. In the next few years, smart home automation will truly become just as important to us as providing the best alarm monitoring services possible.
Alarm Grid will always strive to provide users with reliable and dependable home and business monitoring for when they need it most. But smart home automation is something we feel extremely passionate about, and we recognize that the future of connectivity between security systems and smart functionality truly is now. Alarm Grid is proud to be your home for both alarm monitoring and smart home services. And we look forward to continuing to serve you and your family in the future.