ICT and Media Business News Smart Homes Market Insights by Forecast to 2023 | Page 2

Smart Homes Market
Global smart homes market is projected to reach $70,208.6 million by 2023, growing at a CAGR above 14%
during 2017 - 2023.
Due to increasing internet penetration globally, and significant growth in automation technologies such as
internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent
developments in home automation technologies have resulted in drop in prices of sensors and processors, which
are contributing to the growth of global smart homes market. Technology manufacturers investing and
promoting automation in residential and household sector are also expected to back the global market growth.
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