Global Smart Home Market on Pace to Be Valued at $125B by 2027, Report Says
The security and surveillance segment is anticipated to dominate the application category of the global smart home devices market.
VALLEY COTTAGE, N.Y. — The global smart home devices market is forecast to grow from nearly $20 billion in 2017 to about $125 billion by the end of 2027, marking compound annual growth rate (CAGR) 19.7% during the assessment period, according to a new report.
Macro-economic factors such as an increase in the global per capita income and increased spending on smart cities globally is stimulating the global smart home devices market, according to Future Market Insights, a research and consulting firm.
With the development of smart cities, the pace of new construction will increase, which is likely to support the growth of the smart home devices market the world over. Another aspect to the development of smart cities is the emergence and construction of smart buildings. An increase in the need for smart buildings is expected to increase the demand for energy saving infrastructure such as smart home devices, and this is likely to lead to the development of the smart home devices market globally, according to the report.
The security and surveillance segment is anticipated to dominate the application category of the global smart home devices market. In 2017, the security and surveillance segment is estimated to be valued at nearly $5.3 billion, and this is projected to reach a valuation of nearly $35.9 billion in 2027, exhibiting a CAGR of 21.1% during the period of assessment.
This is the highest growth rate exhibited by the security and surveillance segment among all the segments in the application category, according to Future Market Insights. The building energy management segment is estimated to be valued at $4.1 billion in 2017 and is forecast to reach nearly $24.5 billion in 2027, a CAGR of 19.5%.
The lighting segment is estimated to be valued at nearly $4.3 billion in 2017 and is poised to reach nearly $28.5 billion in 2027, registering a CAGR of 20.9%.
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