2023 Vision: the Near Future of Smart Homes Market

A smart home is a household fitted with connecting technologies, allowing its occupants to remotely control and program a wide range of automated home electronics equipment. Smart home technology boasts an array of applications in residential energy management. The technology also provides access to undisrupted entertainment and cutting-edge lighting control. As the demand for smarter technology continues to grow, the global smart homes market will pace up due to dynamic consumer preference and register a double-digit CAGR from 2015 to 2023.

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Government Initiatives and Growing Consumer Awareness Regarding Energy Efficiency to Boost Global Smart Homes Market

Several factors are aiding the growth of this multibillion-dollar market. Governments of several nations, for instance, are adopting regulatory initiatives to promote the use of smart appliances to curb excessive energy consumption. The smart homes market has already registered exponential growth across developed countries, and it will not be long before the technology successfully capitalizes on the commercial prospects in developing nations. Mounting levels of pollution and growing consumer awareness are the two key factors contributing to the development of the smart homes market across emerging nations. Other than this, the increased requirement for convenience among consumers, increasing demand for energy-efficient solutions and advanced solutions to guarantee safety and security, and product development in the Internet of Things (IOT) are factors giving a boost to the global smart homes market.

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Technological Advances Foster Better Connectivity in Smart Homes

Traditional home automation devices could only control systems within the house and with a...