Research On Global Markets
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Smart homes typically refer to residential spaces with internet-connected devices that monitor and control lighting, heating and cooling systems, and security cameras, among others. Smart homes are primarily driven by certain smart technologies, which are still at nascent stages of their development, but are already bringing a futuristic feel to homes. Home automation technology enables homeowners to control smart appliances using their smartphones, tablets and other networking devices. Internet of Things (IoT) has emerged as the key underlying enabler of smart homes and the technology is set to make lives not only comfortable but also help save energy and costs considerably. What’s in store for smart homes across the world Analysts believe that by 2020, more than 50 billion devices will be connected to the internet across the world, leveraging the concept of IoT. These devices will essentially lead to the adoption of smart cities, connected factories, care facilities and obviously, homes. According to a market research report, the global smart home market is expected to reach a value of USD 151 Bn by 2023, expanding at a CAGR of 24.6%. The growth of the global as well smart home market is mainly driven by the rapid adoption of home automation technologies for convenience, advanced safety and security systems, and the growing need for connectivity. Why smart homes are witnessing increased adoption The global market for smart homes has been growing steadily, fueled mainly by a rise in the number of working couples and the need for comfort and convenience. Also, deeper internet penetration and the ever-escalating incidences of trespassing, home buyers are considering smart home technologies even though they cost more. Though this acceptance is slightly lower in Latin America smart home market, the global adoption scenario is positive, which means the future holds a lot.Thanks to technological advancements and improving affordability of smart home appliances, home automation is becoming a reality and is now more economically acceptable.
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