DALLAS - According to a report from MarketsandMarkets (M&M), a market research and consulting company, the global smart homes market is forecasted to reach $11 billion by 2015. The report, Global Smart Homes Market (2010-2015), analyzes the smart homes market by applications and technologies and studies the major market drivers in the North American, EMEA (Europe, Middle East, and Africa), and Asia-Pacific regions.

The report states that the increasing need for energy conservation is driving the global smart homes market the most. The smart homes market is expected to grow from $5.3 billion in 2010 to $11 billion in 2015, at an estimated compound annual growth rate of 15.6 percent from 2010 to 2015.

Smart homes are an emerging industry within the housing market with builders increasingly opting for them to remain competitive in the market, says the report. Smart homes are said to offer great potential for significant improvements in the living standards of individuals - benefits include centralized control of the home, remote access, enhanced safety and security features, and convenience.

Of the applications analyzed, including HVAC, energy management, security, and lighting controllers, the market for energy management is expected to grow the fastest with a compound annual growth rate of 23.7 percent from 2010 to 2015.

Publication date: 05/23/2011