The home automation market is already widely popular and bringing in around 32.11 billion dollars a year. However, studies and research are estimating that by 2022 the market will be bringing in 78.27 billion dollars a year. There are a lot of factors that will contribute to the growth of the market. For instance, as time goes on the technology and parts that are used to design these home automation systems will decrease, which in return will decrease the manufacturing costs drastically. Basically, when it is all said and done, the products will be potentially marketed at a much more reasonable rate. This is going to only attract more and more customers.
It is also the convenience that these systems offer that attracts people to them. For instance, the wireless communications technology that allows customers to control electronic devices from anywhere in the world is really exciting to the consumer. Not to mention all the devices that can be controlled by voice-automated commands.
It was reported that North America held the largest share of the home automation market in 2015. Europe and Pacific Asia fell next in the line. The newest home automation systems are equipped with very unique software. For instance, the software not only shows users how much energy their electrical devices are consuming, but it also offers a solution to minimize the amount of energy that is consumed in homes. These features give customer complete control over the devices in their home and this is what is really driving these products to the top of the market.