Today’s homes are smarter and more tech-savvy than ever before. From personal chatbot assistants to WiFi-connected washer and dryers, the spaces in which we live are becoming more responsive to our needs with every passing second. This has given rise to the industry term “Smart Home,” used to describe a home equipped with the latest in state-of-the-art technology and digital innovation.
It’s a sector that’s growing at an unprecedented rate, with forecasts predicting no sudden slowdown. In fact, by 2023, the smart home sector is anticipated to be valued at a staggering $150.6 billion with a compound annual growth rate (CAGR) of 26.9%. That’s a massive jump from 2017 when the market was valued at only $35.7 billion.
Factors Behind the Shift: Improved Mobility and Growing Tech Capabilities
What’s driving this change? It can be attributed to myriad factors, chief among them a growing threat of climate change, coupled with an unsteady energy market that’s leaving homeowners searching for new ways to control and power their home devices. As a result of this growing consumer interest, governments around the world are paying closer attention to these technologies and the conveniences they could afford. In addition, technological advancements around the globe are fueling this …