Press release
Smart Homes Market Revenue to Touch US$ 97.61 Bn by the End of 2025
Read Report Overview: https://www.transparencymarketresearch.com/smart-homes-market.html
TMR envisions the global smart homes market to post a 14.6% CAGR to reach a US$97.61 bn in valuation by 2025. In 2016, the global smart homes market was valued at a US$30.02 bn. Among applications, HVAC control could bag a colossal share of the global smart homes market by the end of the forecast period. In 2016, it collected a 27.2% share of the global smart homes market. From a geographical standpoint, the smart homes market is foreseen to find North America taking its command in terms of revenue growth. In 2016, the regional smart homes market accounted for a 38.7% share.
The global smart homes market is predicted to gain momentum in its growth because of the rising adoption of IoT. Urban populations showing an increasing inclination toward home automation for saving energy could set the tone for valuable growth in the global smart homes market. On the other hand, reducing prices of processors and sensors is expected to improve the demand in the global smart homes market. The growing need to improve home security, high focus on enabling ease of living, and rising disposable income of people could create several opportunities in the global smart homes market.
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The advent of high-speed internet and increasing demand for Wi-Fi connectivity are prophesied to provide a fillip to the global smart homes market. Besides North America, Europe could witness a strong rise in the demand for smart homes owing the need to reduce energy consumption and presence of a significant count of industries in the region.
The requirement of constant maintenance and expensive cost of various tools and services are forecast to hamper the demand for smart homes. Rising number of privacy issues and cases of security breach could make up another factor dampening the growth of the global smart homes market. However, improving adoption of power line communication technology is prognosticated to bolster the global smart homes market. On the other hand, the need to improve energy efficiency and enhance entertainment, security, lighting controls, and other applications in residences could augment the demand in the global smart homes market.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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