PUNE, India –The home automation system market is expected to be valued at $79.57 billion by 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.3 percent between 2017 and 2022.
The key driving factors for the growth of the home automation system market are the growth in the Internet of Things (IoT), cost reduction measures, large number of manufacturers widening their product portfolios, and increasing importance of remote home monitoring; however, since many products are reaching maturity level and the home automation system market is more of a convenience-driven market than necessity-driven, the growth of this industry might be limited to some extent.