The global smart home market pegged USD 35.4 billion in 2017 and is further anticipated to become USD 89.9 billion by 2024. The market is further expected to witness a CAGR of 14.2% during the forecast period. The market is increasing every year due to constant evolution in technology globally.
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Geographically, North America is the largest revenue holder in the smart home solutions and products as it is extensively accentuating towards technological advancements to reduce usage of carbon emitted solutions in order to save energy. Moreover, prompt execution of IoT technologies in this region that helps in reducing fossil fuel emissions is further driving the growth of smart home market.
Furthermore, Asia-Pacific is expected to witness fastest growth of xx% in smart home market. The manufacturers are continuously upgrading its technology in order to make the life of users efficient and convenient for its users. Additionally, there are several initiatives undertaken by the different government and non-government authorities to help the consumers in utilizing innovative technology and ensure secure, convenient and safe environment for them.
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Globally industry players of global smart home market are leveraging market growth by providing several automation products such as MES and DCS. The key players are establishing connected devices and are offering M2 smart solutions and services to the users. Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.
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