Research Shows The Global Smart Home Market Will Scale To $53.45 Billion By 2022
A report by Zion Market Research Company reveals the Smart Home market will be valued at $53.45 billion in 2022. In 2016, the market was valued at $24.10 billion, which will be a huge jump.
The report, “Smart Home Market (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”, shows the market is growing at a CAGR of slightly above 14.5 percent between 2017 and 2022.
Modern technology has made it possible for the devices to a home network and controlled by one device, which is most, often the smartphone. The remote access allows users to manage the devices from any location, adding convenience, comfort and basic security monitoring.
There are various factors that are driving the adoption of Smart Home technology:
- Energy efficiency
- Home security
- Remote health monitoring
The major growth drivers driving the Smart Home gadgets include:
- Growing awareness of energy consumption among consumers
- Growing aging population
- Government initiatives
- Increasing disposable income in developing countries
- Increasing demand for home healthcare services
As the market is growing, there are factors that are preventing the market from moving:
- High prices
- Limited consumer demand
- Long device replacement cycles
North America is leading the Smart Home market, followed by Europe, Asia-Pacific, Latin America and Middle East and Africa. The connected products that are capturing the most attention include:
- Lighting fixtures
- Security systems
- Audio systems for multiple rooms
Alexa voice services and Apple HomeKit are controlling the voice-drive interface, along with Microsoft’ Cortana. To learn more about the Zion Market Research report or to request a copy, please visit the company’s official website at www.zionmarketresearch.com/sample/smart-home-market.