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Smart home technology – a rapidly-growing global market

Introduction

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

  1. TL;DR
  2. Global market statistics
  3. Demographics behind smart home device ownership
  4. Preferred smart home devices
  5. Global ranking of smart home devices
  6. The growing popularity of smart home technology in the APAC region
  7. Global market growth of smart home appliances
  8. Main inhibitors of home automation market growth
  9. The race to offer multilingual smart home devices

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