Smart Homes Market to Leverage Advancement of IoT and Improvement in Consumer Acceptance Spurring Demand
The global smart homes market is envisaged in a report by Transparency Market Research (TMR) to witness a moderate degree of competition due to the presence of a small number of players. However, the factor of high profitability could encourage more players to enter the global smart homes market during the forecast period 2017-2025. Merger and acquisition and constant improvement of product portfolio are expected to see high adoption among players to gain a stronger share of the global smart homes market. Some of the leading players of the global smart homes market are Schneider Electric SE, Johnson Controls, Inc., and Honeywell International, Inc. TMR envisions the global smart homes market to post a 14.6% CAGR to reach a US$97.61 bn in valuation by 2025. In 2016, the global smart homes market was valued at a US$30.02 bn. Among applications, HVAC control could bag a colossal share of the global smart homes market by the end of the forecast period. In 2016, it collected a 27.2% sha...