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Report: Smart Homes Market 2014-2020
August 12, 2015 | Business WireEstimated reading time: Less than a minute
Research and Markets has announced the addition of the "Smart Homes Market (2014 - 2020: By System Types (Security systems, HVAC, Lighting Control Systems, Entertainment); by standards (DALI, KNX, Wi-Fi, Zigbee, Enocean)"report to their offering.
The smart home market is a market comprising of home automation and greener energy. This market has been witnessing tremendous growth due to their efficient energy saving and eco friendly nature, not only in developed regions of the world, but also in developing countries. Awareness about the convenience and cost effectiveness offered by these products and services is also increasing the demand for this market. Advanced technologies are proving use of greener energy appliances affordable and time saving.
The smart home equipment and services market is slated to grow at 8% to 10% year-on-year for the next five years. The market is estimated to reach $68 billion by 2018.
Emergence of internet of things is a very important market driver for smart homes. The technology behind smart homes has existed for decades now. The challenge this market has faced so far is due to the huge bulk of consumers didn't have the knowledge about the technologies that can make their work easier.
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