Home automation market to grow at 25 percent CAGR
SARASOTA, Fla.—Global market research firm Zion Research published a new report that estimates that the global home automation market, which was valued at around $5 billion in 2014, is expected to reach $21 billion in 2020, growing at a CAGR of around 25 percent between 2015 and 2020.
Key aspects involved in home automation include centralized control of lighting, HVAC, appliances, security locks of gates and doors and other systems, to “provide improved convenience, comfort, energy efficiency and security,” according to the report. “Home automation for the elderly and disabled can provide increased quality of life for persons who might otherwise depend upon someone else for their day to day activity.”
The report found that home automation is growing in popularity among house owners owing to decreasing cost and simplicity in functioning of home automation systems. “Tablet and smartphone connectivity with home automation systems has made it very convenient for end-users to manage their household activities,” according to the report.