Smart Homes Market to Surpass $60 Billion by 2021
Increasing awareness of energy savings potential, surging demand for home security boosting market
DUBLIN — The global smart homes market is projected to cross $60 billion by 2021, according to new report available from Research and Markets. On the basis of application, the market has been segmented into five categories: HVAC control systems, energy management systems, security and access control systems, entertainment control systems, and others.
Increasing awareness of energy savings potential, surging demand for real-time home security coupled with growing technological advancements are anticipated to boost the global smart homes market from 2016 to 2021. In addition, backed by an expanding Internet of Things (IoT) market, a booming machine-to-machine (M2M) communication market, and thriving touch-free intuitive gesture control market, the global smart homes market is expected to register a healthy growth rate over the next five years.
With increasing government efforts to optimize energy consumption, the adoption of energy management systems is expected to further increase in the coming years. In 2015, North America dominated the global smart homes market, followed by Europe, Asia-Pacific, Middle East & Africa, and South America.
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Publication date: 7/19/2016