- 20 July 2018 14:55
Smart Home Market: Smart Homes Are Getting More Smarter and Reasonable
Smart Home - also known as Home Automation or Home Domotics - includes the automation or control of lighting and other lighting fixtures, heating, ventilation, air conditioning and security systems, as well as home appliances such as washers/dryers, ovens and refrigerators/freezers via Wi-Fi , Bluetooth and other apps. These systems and devices are then operable using connected devices such as cell phones, tablets, computers or via web interface software. Smart Home technology enables compatibility and interaction through computing devices that effectively and efficiently anticipate and respond to the homeowner's needs. Fingerprint recognition, Retina identification and keycard technology are some of the safety-related systems used in smart home applications.
Growing consumer awareness of efficient energy consumption and increasing disposable income of consumers in developed and developing countries are some of the key factors driving the growth of the global smart home market. The proliferation of the Internet worldwide and the growth of automation technologies such as the Internet of Things (IoT) are other important factors driving the growth of the global smart home market. The investments of smart home market players in the development and marketing of home automation products are a major driver of the growth of this market. In addition, smart home technology has become more prevalent among consumers and should drive some of the growth of the global smart home market over the forecast period. The proliferation of smartphones in developing and underdeveloped countries is expected to drive significant growth in the target market over the forecast period.
Key factors hindering the growth of the global smart home market include high costs for the installation of smart home systems and devices. The ability to hack smart home devices and raise concerns about privacy and security breaches are other important factors hindering the growth of the global smart home market.