Smart Home Market to Exceed $60B by 2021, Forecast Suggests

North America dominated the market in 2015. More awareness of energy savings as a result of smart home technology is one of the factors for the anticipated growth.

By SSI Staff · June 29, 2016

The global smart home market is expected to surpass $60 billion by 2021, according to a forecast by Research and Markets.

Increasing awareness of energy saving among customers, surging demand for real-time home security and growing technological advancements are anticipated to boost the global smart home market during the forecast period. In addition, backed by the expanding Internet of Things (IoT) market, booming M2M communication market and thriving touch-free intuitive gesture control market, the market is expected to register a healthy growth rate over the next five years.

North America dominated the smart home market in 2015, followed by Europe, Asia-Pacific, Middle East & Africa, and South America

“A smart home refers to a residence equipped with computing and information technology devices, which anticipates and responds to the needs of the owner in an efficient and effective manner. In a smart home, the owner can easily monitor and control a wide range of applications such as lighting control, access control, fire detection, leak detection, energy efficiency, etc. from anywhere via his/her smartphones or internet. Smart homes also use key cards or fingerprint identification in place of conventional locks, making it harder for someone to break-in.”

 

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