The advent of smart homes is primed to change how we perform various functions in our daily life and has energy efficiency at the backbone of it. In addition to that, the safety features provided by smart homes is expected to drive the adoption and thereby augmenting the demand in the global smart home machine to machine (M2M) market.
Inroads made by automation in consumer electronics for homeowners have underpinned many an exciting avenue. Smart home automation has risen in popularity, especially in emerging and established economies. The quadruple of attributes of connectivity, safety, security, and convenience that home automation technologies stand for is the compelling proposition for their rising deployment. The commercialization of an array of smart home automation draws strength from the rising awareness about the benefits, particularly for home security and surveillance.
According to a new market research report published by Transparency Market Research titled ‘Smart Home Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global smart home market is projected to expand at a CAGR of 18.4% during the forecast period. According to the report, the market is likely to continue to be influenced by a range of macroeconomic and market-specific factors.
Growing advancements in Internet of Things (IoT), rising demand for energy-efficient solutions, and increasing adoption by consumers have driven the global smart home market.
A host of applications of smart home automation underlying the vast potential of the technologies are smart lighting, entertainment, smart kitchen, and HVAC and energy management. Powering smart home automation with renewable sources of energy is a crucial pivoting factor making them environmentally friendly.
The study offers a critical assessment of factors that shape the demand for smart home automation devices in various applications. The analyses and quantitative assessments offered in the study helps market participants to get insights into emerging technological avenues and key investment pockets in the global smart home automation market.
Innovation in Technology to Spell Growth in Future
Today most smart home devices are operated by a click on the smartphone or via voice command. With concepts like virtual reality and augmented reality already integrated into connected devices, the future of smartphone will be driven by these latest technologies. Imagine switching on the fan by tapping your finger in the air. Or swaying your palm down to switch on your read toaster. Would it not be innovative? Technology giants are already working on developing such techniques that could not only attract humans but also make life simpler than ever. Such aspects are fueling growth in the global smart home market.
The study presented here is based on a Transparency Market Research report titled “Smart Home Market (Application – Lighting Control, Security and Access Control, HVAC Control, Entertainment Control, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.” You can request a report here.
