The global smart home market pegged USD 35.4 billion in 2017 and is further anticipated to become USD 89.9 billion by 2024.
Smart home technology refers to a group of systems, devices, and appliances that enables the users to connect to a mutual network that is controlled in a remote and independent manner. The functioning of various technologies in a home that works conjointly in a common system is also referred to as connected home.
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There are several initiatives commenced by the government authorities to stimulate green cities and buildings that are further creating ample prospect for the growth of the smart home market across the globe. In a recent report, it has been stated that the products and solutions for the smart home were marketed in the form of an advanced system of security such as smart camera and door locking.
On the basis of product, the smart home market is segmented into the lighting control system, home entertainment system, smart home appliance, HVAC control, smart home healthcare, and security & access control.
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Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.
Source: VynZ Research