The home automation systems market is expected to grow at a CAGR of 12.46% between 2016 and 2022
The worldwide market for home automation systems is expected to grow at a CAGR of 12.46% between 2016 and 2022 and be worth $78.27 billion by 2022, a new market research paper from ReportsnReports has been able to suggest.
The report suggests that the main driving factors for this segment will be a significant growth in the Internet of Things (IoT) products & applications and cost reduction measures enabled by home automation systems. Other important factors will be the growing demand for energy efficient buildings offering enhanced security, with the commercial buildings sector set to hold the largest share of the building automation system market.
Although North America held the largest share of the global home automation system market in 2015 because of factors such as the increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in home automation solutions, the home automation system market in Asia-Pacific is expected to grow at the highest rate. Strong economic growth, increasing population and improving standards of living and rapid urbanization leading to a sophisticated infrastructure are some of the major factors driving the growth of the market in this region.
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