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MarketsandMarkets Presents Smart Homes Market worth $58.68 Billion by 2020 Publishing Date: Feb 2015
“Smart Homes Market by Product (Energy Management System, Security & Access Control, Entertainment Control, and HVAC Control), Protocol and Technology (Protocol, Cellular Technology, and Communication Technology), Service (Installation, and Customization), and Geography (North America, Europe, APAC, and ROW) - Trend and Forecast to 2020”, the market is expected to grow at a CAGR of 17% between 2015 and 2020, and reach $58.68 billion by 2020. • Browse • 80 market data tables • 83figures • 179pages and in-depth TOC on “Smart Homes Market - Trend and Forecast to 2020”. • You can speak to our analyst@ • http://www.marketsandmarkets.com/speaktoanalyst.asp?id=121 • You can get PDF Boucher@ • http://www.marketsandmarkets.com/pdfdownload.asp?id=121
Source: MarketsandMarkets Analysis Smart Homes Market worth $58.68 Billion by 2020 Source: MarketsandMarkets Analysis
Traditional home automation devices were designed to control systems within a house and within a limited range of connectivity; This includes mobile connectivity features, an integral component of smart homes provided by device manufacturers; and compatible communication protocol and technology based products offered by Internet Service Providers. Even though the concept of smart homes has been in existence for a long time, the market has witnessed a profound growth, mainly, during the last five years. The smart homes service providers are beginning to gain traction in the marketplace, and we could see more smart homes technology players entering the market before an inevitable consolidation occurs. The global smart homes market was valued at $20.38 billion in 2014 and is expected to reach $58.68 billion by 2020; the market is projected to grow at an estimated compound annual growth rate (CAGR) of 17% between 2015 and 2020. The smart home market revolves around green home solutions, which include smart energy management systems; and follow a minimal usage of energy and monitoring of appliances. North America is expected to retain its position as the largest smart homes market. The revival of construction activities, especially with regards to new residential buildings and renovations, is expected to support the growth of the North American smart homes market. The U.S. will remain the major market for smart homes throughout the forecast period, due to its high adoption rate and continuous development.
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