Smart Homes Technology Market (2019-2025)

DUBAI KNOWLEDGE VILLAGE, UAE - Dec. 3, 2019 - PRLog -- The Global Smart Home Market stood at US$ 32,171 million in 2017 and is expected to grow at a CAGR of 24.0% during the forecast period 2018-2024. Some of the factors driving the growth of the market include increasing awareness among consumers, rapid digitization, and high penetration of smartphones, stringent governmental regulations on energy consumption & emission, and increased demand for smart home energy management systems. Moreover, the swelling aging population has also created ample room for the smart revolution in the healthcare sector. However, consumer's concern regarding data security, complex installation paired with the high price of smart home appliances are some of the factors which are acting as some of the complex challenges, that are hampering the growth of the smart home industry. In spite of such challenges, the potential growth for telecom operators, insurance providers and emerging business opportunities especially in the Asia Pacific region are anticipated to attract global players to invest and come up with technologically advanced home appliances products.

"Penetration rate of smart appliances is estimated to occupy a prominent share of 25.3% in the overall market."

Global smart home business will be divided across totally different areas of application that encompass safety & security, lighting, HVAC, recreation, smart appliances, and energy management among others. At present, the penetration rate of smart appliances is calculable to occupy an outstanding share of 25.3% within the overall market. This application area unit is doubtless to be among the highest trends throughout the forecast amount with the modification in client preferences and promotional selling of lighting and HVAC appliances.

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