Global Smart Homes Market will be Valued at $58.68 Billion by 2020

Global Smart Homes Market will be Valued at $58.68 Billion by 2020

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The Global Smart Homes Market,  valued at $20.38 Billion in 2014, is expected to reach $58.68 billion  in five years.

That’s how big the market for Smart Homes will become.  According to Markets and Markets Analysis, a global competitive intelligence and market research company,  a majority of home owners are driven towards the smart home concept that not only offers better energy management but also provides security, convenience, and comfort.

Which is  why major electronics manufacturers have steadily come out  new smart home devices, connectivity solutions and applications. And the Consumer Electronics Show 2015 is proof of that. It’s not just the big guys  trying to take a big chunk of this pie.  The smaller companies are also coming out with devices that improve home security, home safety and energy management.

Global Smart Homes Market

The same report  echoes what research companies have said (and why Smart Homes Now exists). “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.

Amongst these, energy management and security & access control are the most demanding smart home solutions. Both accounted for 65% of the total smart homes product market in 2014. North America led the global smart homes market in 2014 with the share of 37% of the global market.”

In the very near future,  Asia will have the lion’s share of the global market and perhaps even become the hub for developing new and better Smart home technologies and their integration into daily life. You just wait and see.

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