Smart home market set to boom by 2020

Smart home market set to boom by 2020

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The smart home market is forecast to be a $58.68 billion industry by 2020, with a 17% annual growth rate between 2015 and 2020. 

The Global Smart Homes Market Report 2015 from reveals that North America will lead the chart and is the birthplace for various industry leaders. The North American market is driven by gaining traction for safety, peace of mind, increased awareness and better product offerings.

Benefits of smart homes can only be realized if the technology becomes affordable for common people and accessible to those for whom it is essential. However, this is likely to happen if a broader consumer market gets traction by pushing down prices and creating more awareness.

According to the report, the smart home market revolves around green home solutions, which include smart energy management systems; and follow a minimal usage of energy and monitoring of appliances.

With the increasing awareness about energy efficiency and the optimum utilization of the same, a majority of homeowners are driven towards the smart home concept that not only offers better energy management but also provides security, convenience, and comfort.

The real estate industry has been witnessing a massive transformation in the recent past with innovative concepts ever since, the concepts of home automation, smart homes, and connected homes have materialized.

A strong impetus from smart home product manufacturers and concerns related to security and energy savings have gained prime importance in the smart homes market. Smart home device manufacturers are also coming up with innovative wireless technologies across different sectors, which include security control & access control, entertainment control, energy management systems, and HVAC control.

Companies profiled in this smart homes market report include ABB, Schneider Electric, Siemens, Emerson Electric, Ingersoll-Rand PLC, Lutron Electronics, Legrand, Honeywell International and Crestron Electronics.

Read more about smart and connected homes.

Topics: Appliances, Connected Homes / Smart Homes, Cost of Ownership, Going Green, Heating & Cooling, Maintenance & Repair

Companies: Honeywell International Inc., Lutron, Legrand, Siemens

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