Research On Global Markets
Syndicated Market Research Report
Smart homes typically refer to residences equipped with internet-connected devices that monitor and control lighting, heating and cooling systems, and security cameras, among others. Advancements in home automation technology is fueling the growth of the smart home market, which is poised to expand at 24.6% CAGR to reach a value of USD 151 Bn by 2023. The growth of the smart home market can also be attributed to the rapid adoption by consumers for convenience, advanced safety and security systems, and the growing need for connectivity.
Despite the growing adoption of home automation across the world, the prospects of the global smart home market can be somewhat marred by the following – Concerns regarding data security Data security has emerged as a sensitive issue for adopting home automation and other related IoT connected devices at home. It is taken that upon installing a new digital system or product, it becomes a new target for cyber-attack. What makes matters worse is the fact that there is no assurance that a preventive solution for such cyber-attacks will be developed in the coming years. However, despite this, today’s consumers are accustomed to such risks and accepts them in exchange for the benefits offered by the connectivity and convenience on offer. Lack of consumer awareness In spite of the fact that a number of these smart devices are available for purchase in retail stores as well as through online shopping platforms, many consumers are still hesitant about the value of these products. Moreover, awareness about home automation products are low as most retail sales personnel are still in the dark as to the advantages of smart appliances. Lack of consumer knowledge during the sales cycle can result in a consumer opting out, and the capabilities and value of connected home capabilities remain unrealized. Request for Sample of this Report@ https://www.researchonglobalmarkets.com/global-smart-home-market-2018-2023.html Notwithstanding these challenges, smart home technology is deemed to be the future of residences, designed to deliver and perform a number of services and activities within the house, and the market for smart homes is expected to expand considerably in the coming years. Our related topic: What are the challenges affecting the growth of global smart home market? What Are the Downsides of the Global Smart Home Market?
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