Allied Market Research’s new study predicts that the global smart home and buildings market will grow at a CAGR of 29.5 percent between 2012 and 2020. The market revenue of $4.8 billion in 2012 is expected to grow up to $35.3 billion by 2020. The report titled “Global Smart Homes, Buildings (Energy Efficient, Automated) Market (Applications, Technologies, Products and End User), Size, Share, Trends, Analysis, Research, Future Demand, Scope and Forecast, 2013 – 2020” finds the main drivers for the growth of the market will be government regulations, rising energy costs and raising awareness with respect to environmental concerns.

Energy efficiency has become the need of the hour as the global energy cost is increasing owing to the ever-growing demand and environmental concerns of greenhouse gas (GHG) emission, according to Allied Market Research, with the company adding that the construction business is especially embracing the energy efficiency trend and using building automation system to meet the growing demand for energy efficiency in smart homes and buildings.

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