Smart home technology A rapidly-growing global market
The smart home technology global market has seen significant growth in the last 8 years. With a global market value expected to surpass USD 115 billion by 2023, the home automation market is growing at a rate of well over 20 percent CAGR. Although the United States contributes substantially to this growth, they no longer dominate the market – home automation is growing in popularity throughout Europe, the Middle East, Africa, and the Asian-Pacific region.
But as with any rapidly-growing technology, there are potential roadblocks inhibiting growth. Cost, concerns with privacy and security, as well as interoperability challenges all play a role in the market’s growing pains. Another factor that will either limit or extend global reach involves language – smart home automation giants are now all racing to offer their growing global audience, high-quality products and services in a multitude of languages. The top global contender could end up being the one that offers the most languages.
Information contained in this report
- Global market statistics
- Demographics behind smart home device ownership
- Preferred smart home devices
- Global ranking of smart home devices
- The growing popularity of smart home technology in the APAC region
- Global market growth of smart home appliances
- Main inhibitors of home automation market growth
- The race to offer multilingual smart home devices
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