Smart home market pegged for double-digit growth

It's no secret to anyone that the smart home industry is taking off in a meaningful way. But a new report from MarketsandMarkets suggests it's poised for near-term growth even larger than what some experts have predicted.

The report, titled "Smart Homes Market by Product (Energy Management System, Security & Access Control, Entertainment Control, and HVAC Control), Protocol and Technology (Protocol, Cellular Technology, and Communication Technology), Service (Installation, and Customization), and Geography (North America, Europe, APAC, and ROW) - Trend and Forecast to 2020", pegs the smart home market at a CAGR of 17% between 2015 and 2020, totaling $58.68 billion by 2020.

This compares to its valuation of $20.38 billion in 2014.

'Even though the concept of smart homes has been in existence for a long time, the market has witnessed a profound growth, mainly during the last five years," said the organization in a statement.

According to the report, the market will remain strongest in North America, where a boost in construction, as well as high adoption rate and product development activity, is expected to support the growth of smart home.

In other parts of the world (such as Asia-Pacific and Europe), the need to conserve energy will drive further demand for smart homes as well.

MarketsandMarkets also predicts that the currently fragmented smart home market is poised for consolidation. Some of this is already beginning to take place, what with the emergence of integrated platforms like Apple's HomeKit.