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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Smart home technology refers to a group of systems, devices and appliances that enables the users to connect to a mutual network that is controlled in a remote and independent manner. The functioning of various technologies in a home that works conjointly in a common system is also referred to as connected home. Smart home enables the users to witness advanced luxury and functionality that was impossible to tap few years back. It has been further estimated that with technological developments the smart home systems will facilitate leisure, easier and comfortable stay for its users.
Moreover, the capability of smart home systems to accommodate and merge latest technologies enables flexibility and managing homes in an efficient and effective manner to the house makers that further evolves the lifestyle and living standard of its users. These functions are further contributing towards the growth of global smart home market at an effective rate.
Furthermore, these features of the technology are expanding the demand for smart home systems in the urban spaces specifically among the households in the middle income category that is exaggerating the growth of global smart home market. However, it has been observed that the disputes associated to privacy and security breach are the major factors that are hampering the growth of global smart home market.
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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.
Smart home technology refers to a group of systems, devices and appliances that enables the users to connect to a mutual network that is controlled in a remote and independent manner. The functioning of various technologies in a home that works conjointly in a common system is also referred to as connected home. Smart home enables the users to witness advanced luxury and functionality that was impossible to tap few years back. It has been further estimated that with technological developments the smart home systems will facilitate leisure, easier and comfortable stay for its users.
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