The smart homes market is expected to grow to $58.68 billion by 2020, at an estimated CAGR of 17% from 2015 to 2020. There has been a significant growth in the global market due to the demand for energy efficient solutions and enhanced home security.
The smart homes market is expected to grow to $58.68 billion by 2020, at an estimated CAGR of 17% from 2015 to 2020. There has been a significant growth in the global market due to the demand for energy efficient solutions and enhanced home security.
Most smart homes market players aim to increase controllability and security, along with providing time-saving and energy-saving alternatives. North America is the current leader in the global market, followed closely by Europe and Asia-Pacific. The report covers the global smart homes market segmented on the basis of products, services, and geography. The products segment comprises security & access controls, HVAC Control, energy management systems, entertainment systems, and more. The services segment consists of installation & customization. The geographic analysis covers Americas, Europe, APAC, and the Rest of the World (RoW).
The global Smart Homes Market was valued at $20.38 Billion in 2014 and is expected to reach $58.68 Billion by 2020; the market is projected to grow at an estimated compound annual growth rate (CAGR) of 17% between 2015 and 2020. A strong impetus from smart home product manufacturers and concerns related to security and energy savings have gained prime importance in the Smart Homes Market. Smart home device manufacturers are also coming up with innovative wireless technologies across different sectors, which include security control & access control, entertainment control, energy management systems, and HVAC control.
The U.S. will remain the major market to smart homes throughout the forecast period, due to its high adoption rate and continuous development. High investments in building infrastructure and the need to lower power consumption are further expected to drive the demand for smart homes systems, especially in Asia-Pacific and Europe.