New market research on the smart home market says the global consumer market will grow to be valued at around $58.7 billion by 2020. Market researcher MarketsandMarkets predicts that recent developments in the channel will fuel a 17% compound annual growth rate (CAGR) between 2015 to 2020 leading to the creation of a significant consumer market.
This $58.68 billion market size to be achieved by 2020 is an impressive number that is roughly in the middle of a range of studies we’ve seen conducted on a market that many feel is poised to take off. In the case of the smart home market, we’ve seen market size estimates ranging from $22.4 billion in 2020 to $115 billion by 2019. That may mean the MarketsandMarkets study will be closer to the truth.
“Even though the concept of smart homes has been in existence for a long time, the market has witnessed a profound growth, mainly, during the last five years,” a release about the new study said. “The Smart Homes Market is highly fragmented and expected to get consolidated. The smart homes service providers are beginning to gain traction in the marketplace, and we could see more smart homes technology players entering the market before an inevitable consolidation occurs.”
The study notes that new developments are providing a new and more vigorous tailwind driving increased market activity. These new factors include “recent developments…of connectivity” that “enable users to monitor and control them [their systems] when they are on the move.”
Full story at Strata-Gee: New Research: Smart Homes Market Will Grow to $58.7 Billion by 2020