According to recent studies, the market for home automation products — including advanced thermostats — is poised for explosive growth. For example, research firm Markets and Markets released a report at the beginning of the year stating the global home automation and control market was worth $5.77 billion in 2013. The study further projects the market will reach $12.81 billion by 2020.
Many industry experts believe trends in consumer habits and technology are converging to create an increasing demand for these products. There’s an increased expectation on the part of homeowners that they should be able to see and manage their home’s energy use.