The global smart home technology market will grow at a CAGR of 19.5% during the forecast period 2021-2027. North America’s smart home technology market size was valued at US$ 27,084.3 million in 2020.
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Home automation is a method of controlling devices, appliances, and systems through the internet, which is connected to a computer or network and can be controlled independently and remotely. Smartphones and tablets both interact with connected devices, and the overall adoption of smart homes is mainly accelerated by an increase in smartphone penetration. Applied innovations including cloud computing, IoT, and artificial intelligence, smartphone penetration, and increased internet access are propelling smart or connected technologies forward at an exponential rate, influencing digital transformation in homes and influencing smart product and service creations.
Factors Affecting the Growth of Global Smart Home Technology Market
The trend of smart home appliances including those related to safety & security, smart home entertainment, and energy management is driven primarily by the growth of consumer convenience, safety & security, and energy consumption.