The connected home devices market will grow at a compound annual growth rate [CAGR] of 12% to hit $157 billion by 2027, according to Transparency Market Research (TMR).
The quick adoption of connected devices has equipped consumers with the ability to protect their homes from far off locations. It also helps to take absolute control of their home appliances through their tablets or smartphones.
TMR (transparencymarketresearch.com) says the bullishness in the global connected home devices market stems from the augmented penetration of next generation technologies in gadgets or devices that enable performance enhancement and superior connectivity.
There are several factors triggering this adoption of connected smart home technology by the consumers; the sheer convenience of being connected to home even without being at home is of immense value to a millennial generation who value interaction, control, and freedom. As voice control and artificial intelligence (AI) technologies make rapid and considerable progress in their respective fields, the intelligent assistant has now come up as a viable control center for the connected homes. Both tech giants and startup makers have developed solutions utilizing both existing and new stand-alone devices.
TMR says growing adoption and awareness about smart cities are aligned with the incorporation of internet of things (IoT) technology. This arrangement is generating a large platform for growth and development of highly advanced and intelligent ecosystems.
Such technological integration can improve the energy efficiency of a city and boost overall safety and health of consumers simultaneously, opines TMR. Key findings of the research group’s study includes:
° Smart home entertainment devices are estimated to gain popularity over the assessment tenure. Amongst these, video entertainment devices are estimated to hold a sizeable share due to consistent rise in the demand for seamless entertainment through media streaming
° Companies operating in the global connected home devices market are building more on the advanced cloud technology to come up with next generation service and products that would make an offering of seamless integration to the modern tech-savvy millennials.