Global Smart Home Market to Witness 14.2% CAGR During 2018–2024
The global smart home market pegged USD 35.4 billion in 2017 and is further anticipated to become USD 89.9 billion by 2024. The market is further expected to witness a CAGR of 14.2% during the forecast period. The market is increasing every year due to the constant evolution in technology globally.
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There are several initiatives commenced by the government authorities to stimulate green cities and buildings that are further creating ample prospects for the growth of the smart home market across the globe. In a recent report, it has been stated that the products and solutions for the smart home were marketed in the form of an advanced system of security such as smart camera and door locking.
The major factor driving the growth of the global smart home market includes extensive demand for safety, convenience, and security amongst the users in several developed as well as developing economies. The technology is further helping the households to manage all of their devices from a single place thus creating ample opportunities for the smart home market to grow exponentially. A smart home enables flexibility to its users in accommodating innovative appliances, devices, and technology.
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Globally industry players of the global smart home market are leveraging market growth by providing several automation products such as MES and DCS. The key players are establishing connected devices and are offering M2 smart solutions and services to the users. Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.
Source: VynZ Research
