Smart Home Automation Market Expected to Grow
Worth $130.0 Billion by 2025
SAN FRANCISCO — The global smart home automation market is expected to reach $130 billion by 2025, according to a new report by Grand View Research Inc. The growing demand for the convenience of remote and real-time operation of smart home automation systems has increased the growth and penetration. Increasing urban and geriatric populations have created the need to incorporate smart home automation concepts in order to address the arising challenges. Further, increase in demand of smartphones and easy accessibility of internet are expected to fuel growth in the demand for the future. The growing adoption of the automation in security, lighting, HVAC, energy management, and smart kitchen arenas is anticipated to revolutionize the market by 2025.
The market has been segmented based on varied technology of smart home automation, such as cellular, wireless, and others. Based on applications, the market has been segmented into security, lighting, entertainment, HVAC & energy management, and smart kitchen. The entertainment sector is the biggest application sector in terms of size and is expected to dominate for the forecast period owing to high demand of home theaters, touchscreens, audio/video controls, and other entertainment controls.
The growing awareness and popularity of smart home automation is encouraging manufacturers to invest in research & development for creating better products. Manufacturers are making significant investments to simultaneously develop several new products in an effort to enhance the users’ experience. Researchers are focusing on innovating reliable and cost-effective products.
For more information, visit www.grandviewresearch.com.
Publication date: 9/25/2017