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.