Smart home market worth $ 207.88 Bn by 2027

The advancement in technologies such as the Internet of Things (IoT) and growing awareness among the end-users regarding efficient energy savers been driving the global smart home market

The global smart home market, valued at USD 80.83 billion in 2019, is projected to reach USD 207.88 billion by 2027, growing at a CAGR of 13.52% from 2020 to 2027, according to a report by Verified Market Research.

Increasing technological developments in various home appliances and equipment boost the growth of the smart home market. The growing importance of home monitoring system for security issues is a key factor that is adding to the growth in demand for smart and connected homes. The introduction of newly developed innovative wireless technologies like HVAC controller, security, and access regulators are anticipated to boost the market growth. The increasing trend of adoption of consumer durables and electronics is likely to provide new opportunities during the forecast period. Apart from households, many businesses are shifting their focus toward advanced technologies such as IoT. This is expected to provide new opportunities in the areas of lighting, HVAC, security, healthcare, and entertainment.

There are certain restraints and challenges faced which will hinder the overall smart home market growth. The high cost of installation of smart devices and the threat of privacy concerns and cyberattacks might hinder the overall growth at a global level, the Verified Market Research report.