The global smart home market is poised to grow by US$65.95 billion during 2020-2024, progressing at a compound annual growth rate [CAGR] of 17% during the forecast period, according to Research and Markets (www.researchandmarkets.com).
The research group says the market is driven by developments in connectivity technologies. In addition, growing consumer interest in home automation is anticipated to boost the growth of the global smart home market as well.
Research and Markets says its study identifies growing consumer interest in home automation as the prime reasons driving the global smart home market growth during the next few years. Key players in the smart home market include Apple, Alphabet, Allegion, Amazon, General Electric, Honeywell, Panasonic, Samsung, and Schneider Electric.