Smart Home
| Smart Home technology is a rapidly growing industry that offers homeowners the ability to control their homes using digital devices. There are a wide range of products available that can be used to enhance various systems in the home, such as security, lighting, heating, and cooling. This technology can provide a number of benefits to homeowners, including increased security, convenience, and energy efficiency. The global smart home market is expected to grow at a compound annual growth rate of 21.3% from 2018 to 2025, reaching a market size of US$53.45 billion by 2025.1 The United States is the largest market for smart home products and services, followed by China and Europe. There are a number of factors driving the growth of the smart home market, including the increasing adoption of connected devices, the declining cost of smart home technology, and the increasing awareness of the benefits of smart home products. One of the key benefits of smart home technology is increased security. Smart home products can be used to monitor and control access to the home, as well as to provide security features such as burglar alarms and CCTV. Another benefit of smart home technology is convenience. Smart home products can be used to control a wide range of household functions, such as lighting, heating, and cooling. This can provide a significant degree of convenience to homeowners, as they can control these functions remotely using their smartphones or other digital devices. Finally, smart home technology can also help to improve energy efficiency. Smart thermostats, for example, can be used to automatically adjust the temperature in the home based on the time of day and the occupants’ needs. This can help to reduce energy consumption and save money on utility bills. The smart home market is expected to continue to grow in the coming years, as more homeowners adopt connected devices and become aware of the benefits of smart home technology. |
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