Smart Homes and Buildings market
The global smart home and buildings market is expected to grow at a CAGR of 29.5% between 2012 and 2020. The market revenue of $4.8 billion in 2012 is expected to grow to $35.3 billion by 2020. The main drivers for the growth of the market are government regulations, rising energy costs and raising awareness of environmental concerns.
Construction is embracing the energy efficiency trend and using building automation systems to meet a growing demand for smart homes and buildings.
The revenue of safety and security applications is expected to reach $6,132.4 million by 2020 with an expected CAGR of 34.6% from 2013 to 2020.
"This market is expected to evidence significant growth due to growing security concerns and enhanced safety features that smart automation systems can currently offer. With an increase in the working population, safety concernswith respect to aged parents and children is the biggest challenge. Smart home address these issues with highly-sophisticated remote monitoring technologies." states Shreyas Naidu.
However, factors such as high upfront cost and lack of standards and interoperability are expected to act as restraints on market growth.
North America is expected to generate a revenue of $12.4 billion by 2020 growing at a CAGR of 25.9% from 2013 to 2020. However the Asia-Pacific is a high-opportunity market that is expected to grow at a CAGR of 37.7% from 2013 to 2020.
Ref http://www.alliedmarketresearch.com/smart-home-automated-building-market
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