The global smart home technology market will grow at a CAGR of 19.5% during the forecast period 2021-2027.
According to a report by Report Ocean, smartphones and tablets both interact with connected devices, and the overall adoption of smart homes is mainly accelerated by an increase in smartphone penetration. Applied innovations including cloud computing, IoT, and artificial intelligence, smartphone penetration, and increased internet access are propelling smart or connected technologies forward at an exponential rate, influencing digital transformation in homes and influencing smart product and service creations.
Factors Affecting the Growth of Global Smart Home Technology Market
The trend of smart home appliances including those related to safety & security, smart home entertainment, and energy management is driven primarily by the growth of consumer convenience, safety & security, and energy consumption.
Mobile communication software market growth has been influenced by factors such as the increasing adoption of smartphones and internet penetration around the globe during the review period.
In the coming years, the growth of the Smart Home Market will be driven largely by consumer interest in video doorbells, voice-assist technology (including Alexa and Google Home), and surveillance systems.