Asia-Pacific region is anticipated to grow at the highest CAGR
PUNE, India — The global smart home market is projected to grow from $46.97 billion in 2015 to $121.73 billion by 2022, growing at a compound annual growth rate (CAGR) of 14.07 percent between 2016 and 2022, according to a new report published by MaretsandMarkets.
The growth of the smart home market is said to be due to such factors as significant advancements in the Internet of Things (IoT) market; the increasing need of the consumer for convenience, safety, and security; the rising need for energy saving and low carbon emission-oriented solutions; and the increasing number of manufacturers expanding their product offerings.