“The home automation system market is projected to grow at a CAGR of 9.1% during 2020–2025”
The home automation system market is expected to grow from USD 40.8 billion in 2020 and is projected to reach USD 63.2 billion by 2025; it is expected to grow at a CAGR of 9.1% during the forecast period. As millennials account for the majority of new home buyers, growing homeownership is one of the major factors driving the adoption of home automation systems. Insurance companies offering attractive discounts to house owners having inbuilt access control and security systems is expected to help consumers to save on house insurance premiums and cover the cost of adopting home security systems for residential applications. The integration of home healthcare equipment with home automation systems such as
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