The smart home solutions market is predicted to rise at a rapid CAGR of 12.3% during the forecast period, reaching a value of USD 78,342.6 million in 2022. The market is anticipated to grow and reach USD 2,50,456.9 million by 2032.
The smart home solutions refers to home automation methods that are triggered by computing and information technology and connect various appliances and instruments in the home to respond to occupant needs.
These solutions enhance the lifestyle of people considering various aspects such as comfort, security, entertainment, and convenience. Smart home solutions were initially marketed and adapted primarily for advanced security features. Eventually new areas such as energy management, entertainment, lighting, and appliances control systems evolved in the smart home solutions market.
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Smart home solutions consist of switches & sensors of home appliances, security systems, and entertainment systems connected to a central hub. This central hub acts as a gateway, from which systems are controlled by a user interface interacts either with a mobile phone app, tablet app, wall-mounted terminal, or a web portal.
Once manifested as the domain of luxurious and rich customers, today many people seek smart home solutions due to awareness of energy efficiency, convenience, and security
Smart Home Solutions Market: Drivers and Restraints
The primary driver for the smart home solutions market is that it implements advanced safety and security features such as gas leakage detectors and fire detection systems in the house.
Increased awareness of energy efficiency due to rising energy costs and advancements in technology are also some important factors that result in the growth of the smart home solution market.
Nowadays, with the increase in the number of working individuals in a house, a family becomes financially capable of adopting a smart home solution, which is another driver for this market. However, the lack of technical standards is the biggest restraint for the smart home solutions market.
Other factors such as high initial investment, and outstretched replacement cycle of devices cause hindrances in the growth of smart home solutions market.