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Smart home market set to grow globally

According to a new report, the smart home market is expected to see a double-digit spike worldwide in annual growth for the next five years. The report stated that revenue would reach $53.45 billion by 2022.



Zion Market Research published an industry report that stated that in 2016 the smart home market, which involves automation of every aspect of residential buildings and home appliances, was estimated at $24.1 billion.

The report reveals that the luxury residential development market has been a major contributor to the smart home movement as they generally include smart home applications such as automation systems that control various aspects such as lights and home entertainment systems, in their packages. 

Another factor is the rising need for “consumer convenience, safety, and security, energy efficiency.” 

The report predicts that over the next five years the market will have an annual growth rate of 14.5%, with the Asia Pacific market showing the highest probability for growth. 

The major roadblocks in the smart home market are installation costs, lack of standardisation and consumers low awareness of home automation. 


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