The smart home market worldwide is expected to see a double-digit spike in annual growth for the next five years, with revenue reaching $53.45 billion by 2022, according to a new report.
In 2016, the smart home market, which involves automation of every aspect of residential buildings and home appliances, was estimated at $24.1 billion, according to an industry report published by Zion Market Research last week.
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This burgeoning industry has greatly benefited from luxury residential developments around the world, as they generally adopt automation system to control lighting, ventilation, heating, air conditioning and security, as well as cutting-edge home appliances, home entertainment and home offices.
The report cited the rising need for "consumer convenience, safety, and security, energy efficiency" as the major drivers of the smart home market.
For the next five years, the market is predicted to expand at an annual growth rate of 14.5%, the report said. Asia Pacific is likely to show the highest growth in the smart home market. North America, meanwhile, is currently the top market for smart home products and software.
But, at the same time, the smart home market is hampered by high installation costs, lack of standardization and consumers’ low awareness about home automation.
The report also profiled key player in the global smart home market, including Siemens AG, Johnson Controls Inc., Ingersoll-Rand plc., Schneider Electric SE, Acuity Brands, Inc., United Technologies Corporation and Samsung Electronics Co., Ltd.