Smart Homes Market by Product, Technology, Development, Growth and Demand Forecast to 2023
Global smart homes market is projected to reach $70,208.6 million by 2023, growing at a CAGR above 14% during 2017 - 2023. Due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of global smart homes market. Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the global market growth. In addition, the rapid growth in global smart homes market is also attributable to the increase in demand for smart home appliances. Adoption of advanced electronic technology enables various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, on ...