Home Automation System Market Worth $78.27 Billion by 2022
North America held the largest share of the home automation market in 2015
PUNE, India — The global home automation system market is forecast to grow from $32.11 billion in 2015 to $78.27 billion by 2022, increasing at a compound annual growth rate (CAGR) of 12.46 percent between 2016 and 2022, according to a new report published by MarketsandMarkets.
The growth of the home automation system market is attributed to factors including the significantly growing Internet of Things (IoT) market, the cost reduction measures enabled by home automation systems, the large number of manufacturers expanding their product portfolios, and the increasing importance of home monitoring from remote locations.