Global Smart Homes Technology Market - Insights and Forecast

ALBANY, N.Y. - Feb. 19, 2020 - PRLog -- The Global Smart Home Market stood at US$ 32,171 million in 2017 and is expected to grow at a CAGR of XX.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, 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."

The global smart home industry can be segmented across different areas of application which encompasses safety & security, lighting, HVAC, entertainment, smart appliances, and energy management among others. At present, the penetration rate of smart appliances is estimated to occupy a prominent share of 25.3% in the overall market. These application areas are likely to be among the top trends during the forecast period with the change in consumer preferences and promotional marketing of lighting and HVAC appliances.

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