Smart Home Automation Market is forecast to reach $170.2 billion by 2025, at a CAGR of 11.9% during 2020-2025 due to its rapid adoption across residential applications and increasing demand for features such as the convenience of remote operation and exceptional experience offered by smart home automation is likely boost the market growth over the forecast period. In addition the advancement of Internet accessibility and the growing penetration of Internet of Things (IoT) which helps in the move to direct digital controls for better machine to machine (M2M) communication have encouraged users to adopt the smart home automation technology which accelerate the market growth in the forecast period.
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Key Takeaways
•The smart kitchen segment is expected to witness highest CAGR owing to the high demand for smart appliances and with pacing technological advancements such as Internet of Things
•The service segment is expected to grow at a highest CAGR in the forecast period owing to increasing adoption of the smart home automation technology
•North America dominated the smart home automation market with a share of more than 33.57% due to presence of developed countries such as U.S. and Canada where there is high adoption and awareness of technological improvement.
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By Type - Segment Analysis
Rapid advances in smart home automation system as well as using advanced technologies such as security and access, lighting and window, audio-visual and entertainment, energy management and climate and integrated solutions to add value to the provision of urban services require authorization for sustainable development of new methods which may involve the integration of service that would improve the competitiveness of the environment in which smart home automation system operates. All these advancements are expected to accelerate the market in the forecast period.
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