“The smart home market is expected to grow at a CAGR of 12.02% from 2018 to 2024”
The overall smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.02%. The growth of the smart home market is driven by several factors, such as a large base of internet users and rapid adoption of smart devices; increased public awareness of fitness and healthy lifestyles owing to the highly disposable income in developing economies; high importance of home monitoring from remote locations; rise in the need for energy-saving and low carbon emission solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; existence of various market players focusing on expanding their smart home product portfolios; and wi
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