BOULDER, Colo. — After only a handful of years in existence, the market for smart thermostats is now poised for growth, says Navigant Research. This market is being driven by the advent of a range of innovative devices and software that appeal to a variety of customer segments, particularly in North America and Europe. According to a report from the research firm, annual global revenue for communicating and smart thermostats and associated software and services is expected to grow from $146.9 million in 2014 to $2.3 billion in 2023.

“It’s not just end users that are interested in smart thermostat technologies,” said Lauren Callaway, research analyst with Navigant Research. “Today, adoption is increasing in several different customer segments, as utilities, energy retailers, small businesses, and homeowners realize the value in using these devices to manage their energy use and save money.”