Smart Home Market is Likely to Rise at a CAGR of 22.5%

The global smart home market is predicted to grow due to customers' burgeoning interest in developing houses fitted with remotely controlled heating, lighting and various security features.

The value of the global smart home market stood at US$ 87.2 Bn in 2020. The global market is likely to rise at a CAGR of 22.5% during the forecast period, from 2021 to 2031. The global smart home market is expected to reach the value of US$ 767.3 Bn by the end of 2031.In order to maintain a competitive advantage over other participants in the global smart home market, manufacturers are focusing on robust multi-room audio, better sound quality, and more of smart-home functionalities.

The subject of security upgrades for smart homes is a popular issue in the smart home market. Video doorbells and smart locks are becoming more common in the global market. End consumers have been prompted to invest on future-proof home security options due to an increasing prevalence of thefts and precarious personal safety.