Smart Homes Market Expected to Be Worth $58.68 Billion by 2020
According to a new market research report, “Smart Homes Market by Product (Energy Management System, Security & Access Control, Entertainment Control, and HVAC Control), Protocol and Technology (Protocol, Cellular Technology, and Communication Technology), Service (Installation, and Customization), and Geography (North America, Europe, APAC, and ROW) - Trend and Forecast to 2020,” published by marketing research firm, MarketsandMarkets, Dallas, the market is expected to grow at a CAGR of 17 percent between 2015 and 2020, to reach $58.68 billion by 2020.
Traditional home automation devices were designed to control systems within a house and within a limited range of connectivity; however, with recent developments across different areas of connectivity of appliances and devices, these systems enable users to monitor and control them even when they are on the move. This includes mobile connectivity features, an integral component of smart homes provided by device manufacturers; and compatible communication protocol and technology-based products offered by Internet service providers.