Smart Homes Market Will Reach $196.5 Billion by 2030
The smart homes market was valued at $82.0 billion in 2021, and it is set to reach $196.5 billion by 2030 , growing at a CAGR of 10.2% between 2021 and 2030, according to a research report by a market research company P&S Intelligence. This can be ascribed to the increasing per-capita income of people from developing countries, the growing number of internet users, the budding importance of remote home monitoring, and the growing acceptance of smart devices. The surge in the need for convenience among the people, increase in safety concerns, the boom in the need for energy-saving solutions, and the expansion of smart home product portfolios by the players are propelling the industry. The snowballing usage of advanced technologies, including machine learning, automated solutions, IoT, artificial intelligence, and wireless lighting is constantly impacting the revenue of the industry. The requirement for value-based home automation solutions is increasing extensively because of t...