Digital has become the most preferred medium of communication today. While it facilitates communication between two individuals, it has also opened avenues for humans to communicate with gadgets. For instance, one could switch on his bathroom’s geyser while driving back home from work, and instantly step into the shower. These are called smart devices and fall under the global smart home market.
In the last few years, the global smart home market has caught pace, thanks to the surge in consumption of smartphones and internet. A Transparency Market Research Study analyzes the global smart home market and predicts that the market would grow at an astounding CAGR of 18.4% during the forecast period. The global smart home market was valued at US$36.27bn in 2017, analysts at TMR cite in the report.
Innovation forms the fulcrum for competition in the global smart home market as competitors strive hard to roll out products that would attract the attention of consumers. As the tech savvy population grows across the world, demands will also vary from one geography to another. This will push players in the global smart home market to develop variants that suit a wide variety of requirements.
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Easy Access to Internet Spurs Demand
The primary requirement for the global smart home market is internet. Today, every corner of the world is connected with internet. Smart home devices are connected to the internet and have to be controlled by an external device, or can be by used by voice command. Today, most people possess a smartphone which is connected to internet, thus promoting possibilities of consumption in the global smart home market.
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Moreover, most homes have wifi connections today. It has become a basic necessity across all walks of life. This improves internet connectivity and supports growth of global smart home market.
Further, rising purchasing powers, increasing awareness about latest technology, need for simplified and easy living are additional factors that augment demand in the global smart home market.
Innovation in Technology to Spell Growth in Future
Today most smart home devices are operated by a click on the smartphone or via voice command. With concepts like virtual reality and augmented reality already integrated in connected devices, the future of smart phone will be driven by these latest technology. Imagine switching on the fan by tapping your finger in the air. Or swaying your palm down to switch on your read toaster. Would it not be innovative? Technology giants are already working on developing such techniques that could not only attract humans, but also make life simpler than ever. Such aspects are fueling growth in the global smart home market.