Global Home Automation Market to be Worth $21.6 Billion by 2020
Home automation refers to all such systems, whether used as a single application or as integrated solutions
ALBANY, N.Y. — The global home automation market was valued at $4.41 billion in 2014, and is forecast to grow at a compound annual growth rate (CAGR) of 26.3 percent from 2014 to 2020, reaching $21.6 billion by 2020, according to a report by Transparency Market Research.
Home automation refers to all such systems, whether used as a single application or as integrated solutions. It’s used for such functions as controlling the HVAC system, dimming lights, locking and unlocking doors, managing security cameras, operating smart appliances in a house, etc. With technological advancements, home automation solutions are evolving continuously. Modern home automation solutions utilize high-end digital technology to provide better performance and efficiency.