The global report on the Smart Home Market published by UnivDatos Market Insights (UMI) anticipates that the market is anticipated to reach a valuation of US$ 170.1 billion by 2025 expanding at a reasonable CAGR of 23.9% in the course of the forecasted period (2019-2025). The global smart home market grew at a CAGR of 17.3% between 2014-2017 periods. The rapid adoption of smart home devices can be attributed to the burgeoning smart device installation, rapid uptake in smartphone penetration and changing the lifestyle of the consumers. Rising demand for comfort and convenience along with the proliferation of the internet of things has considerably surged the demand for smart home devices ranging from energy-efficient solutions, home entertainment devices, lighting control systems, and security systems among other smart appliances. Moreover, with the rising IoT connected devices and enormous demand for technologically advanced solutions, massive opportunity displayed by the Internet of Things has propelled the wireless innovation which has further driven the smart home devices adoption rate. Wifi and Bluetooth have become popular wireless connections to operate the smart home via smart devices. The benefits of smart home technology can also be witnessed extensively among various end-users wherein adoption of the smart home devices has been the game-changer for the residential and commercial end-users. Hence, in 2018, smart appliances including smart washing machines, smart refrigerators, and smart dryers, smart microwaves, and ovens among others held a major share in the Global Smart Home Appliances Market. The segment is anticipated to bring in earnings of US$ 46,713.1 million by 2025.



For a detailed analysis of penetration and adoption of different smart home products browse through - Global Smart Home Market





Alternatively, under wireless technology, Wi-Fi enabled device is projected to expand rapidly throughout the analyzed period, owing to drastic technological advancements in terms of cloud computing, BYOD and artificial intelligence. Moreover, robust security, reliable connectivity, and other parameters have further influenced the embracement of wireless technology among smart device consumers. Moreover, mid-range house apartments dominated the residential end-user segment with the highest adoption of smart home devices and are expected to remain dominant throughout the forecasted period. The rapid adoption of smart devices among homeowners and renters owing to the benefits that smart devices offer would propel wide adoption of such devices, especially in the developed and developing countries. In addition, disruption is constantly occurring, as smart home technology is gaining prominence among hospitality sector. Hotels, as well as the hospital industry, have also adopted smart devices to deliver quality services to their end customers.