Smart homes mean homes that have software and computing devices installed inside them. These devices cater to the requirements of occupants and ensure they remain comfortable, safe and in luxury. These devices are upgraded from time to time and try to meet even their newest of requirements. The idea of smart homes has been residing in the minds of people since a long time.
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Smart homes are the dream of countless people in the world. Many innovations have been taking place in such homes to make people even more safe and comfortable. The smart homes market is estimated to grow extraordinarily in the years to come. It is anticipated to reach a revenue size of almost USD 52 billion by the end of the projected phase. The market is predicted to rise at about 18 percent CAGR from 2013 to 2020.
The worldwide smart homes market is driven by growing population of the aged, regulatory proposals laid by various governments and energy cutbacks. The implementation of smart meters to save energy is yet another prospect for the further growth of the smart homes market. Moreover, the adoption of smart electronic devices and the likes are also estimated to steer the market ahead.
Absence of consistency in smart home systems and their high preliminary costs are estimated to prevent the smart homes market from progressing ahead. Safety control and high-tech entertainment systems are also responsible for propelling the market. The market is moving ahead in industrial nations and is estimated to improve further in emergent countries.
The smart homes market is segmented into three categories. These include services, products and geographical regions. North America dominates the worldwide smart homes market at present. It witnesses the highest implementation of smart home systems. Europe is anticipated to develop further in the future at the maximum rate due to quicker fiscal recovery.
Information Source: Grand View Research