If you turn the clock back in time, you would have never imagined the future would head into a zone called Smart homes. What was once just a fantasy in movies has finally turned into reality with the launch of home automation products. This is the main reason why, in the tech world, the smart home concept is a true star that is on the rise.
The impact that smart home technology has on our lives
Our lives have changed with the evolution of technology and the credit for it goes to IoT or internet of things. Who would have thought that the introduction of this concept would play such an impact in our lives? The way we look, work as well as live has totally transformed and is heading into a very different zone. Right from controlling the temperature and lighting to even ensuring that everything is fine in our houses, smart home products have made such a positive impact in our lives. Today even a simple home can easily convert into a luxurious one with the help of smart home products.
Smart Home products are not just for homes
Home automation products not only managed to catch the eyes of consumers, however, they even got the Governments of various countries to turn their thinking hat on. The concept of smart cities is a mission that is slowly taking baby steps and converting into reality. Home automation products not only come with safety and security services, however, they also help in the conservation of the environment. By 2022, many cities across the world will be converted into smart cities, which will have a very positive impact on our environment and natural resources.
Home automation lives to the CECS promise
Comfort, efficiency, convenience and security AKA CECS is the main focal point of home automation systems. The spell binding technology is a true miracle, which enhance a person’s life. Even the economy of various countries is on the rise due to the sale of different home automation products. The plans of colonies that are hi tech as well as the implementation of different smart projects across the world points out to the positive impact that IoT and home automation technology has on the tech world. It also takes us to a future where everything focuses on the wellbeing of people’s lives and even the Governments can do their part.
Market analysis and growth predictions of 2022
Companies like Zion Market Research and other such poplar market research companies are keeping a close watch on the market. The predictions made about the Smart Home Market between the years of 2016-2022 in the areas of HVAC control, Home healthcare, Lighting Control, Security and Access Control as well as Smart Kitchen products etc indicated that by 2022, the market is said to hit around $53.45 billion. This figure is based on the CAGR growth rate between 2017 and 2022 is around 14.5%.
Challenges and other factors that are related to the market
The various reports also highlight the fact that the need and demand of smart home products is on the rise. Even in the real estate front, smart homes are in demand for renting and purchasing. There are a few challenges which the market has to overcome. Although there is a saturation level in a few regions, another challenge that comes across which is hampering the market’s growth is the lack of standardization and high costs of installation. Even the awareness of the market is yet to touch various regions, which are still not aware of the present trends and products in the market. The analysis also state that the new opportunities that show a promising growth are products, which have cloud- based solutions. Even in the midst of all the challenges, the overall analysis as well as predictions clearly indicate that not only is there a rapid growth in the market, however it also looks very promising.
The market division and countries that rule the market
The division of the smart home market is based on three main factors, the region, software and products. Each of these factors plays a vital role and contributes equally towards the market’s growth. While presently, the smart home market is dominated by North America, a significant growth is seen in the European Market. Other countries are also catching up on this front. Well, the only thing that we can really do right now is wait and watch. It is without a doubt, that the smart home market is truly a rising star of tech world in many ways.