The global smart home market was valued at US$ 36.27 Bn in 2017 and is anticipated to register a stable CAGR of 18.4% during the forecast period, according to a new report published by Transparency Market Research (TMR) titled ‘Smart Home Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Advancement in Internet of Things (IoT), rise in the demand for energy-efficient solutions, and increase in consumer preference have driven the global smart home market.

The market in North America is expanding at a significant CAGR of 14.1%, owing to technological innovations and presence of a large number of market players in the region.

Cloud-based services help lower energy consumption to a great extent. Consumers are now aware of the importance of saving energy and are opting for more energy-efficient systems and solutions for their homes. Smart home systems allow the consumer to control everything that is connected to their network. For instance, consumers can decrease usage of energy by means of temperature settings and schedules of programmable thermostats.

However, consumers frequently struggle to efficiently program thermostats. Smart thermostats that are linked to home Wi-Fi networks come with apps that are easy to use and with added remote control convenience. In a smart home system, lights in a smart home can be turned on and off automatically, with the help of occupancy sensors. A smart home system helps in monitoring the energy usage of each and every appliance in a home. Moreover, smart home controllers help schedule operations of high-power-consuming appliances.

Geographically, the global smart home market has been divided into five major regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa. In terms of revenue, North America held the maximum i.e. 41.9% share of the global market in 2017 and is expected to continue its dominance during the forecast period. 

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