(EMAILWIRE.COM, May 19, 2022 ) The smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026. Some experts believe that the smart home market will continue to grow in 2018 and beyond. This is due to the increasing popularity of artificial intelligence (AI) and the expanding role of smartphones and other digital devices in our lives. Others think that the smart home market will start to decline in 2018 as more people become aware of the security risks involved with using smart devices. Some people also worry about the cost of smart home products and services.
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Key Topics Affecting Smart Home Market
One of the most important areas of growth for the smart home market is the development of ‘smart’ appliances and devices. These appliances and devices can be controlled through a mobile app or a web interface. They are able to connect to the internet and send data back to the owner’s computer or smartphone. Another key area of growth for the smart home market is the use of artificial intelligence (AI).
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AI can be used to help manage and control smart devices in a home. It can also be used to automate tasks in a home, such as turning on lights when someone enters the room. The future of the smart home market is still uncertain, but there are several key topics that are affecting its growth. These include the development of new ‘smart’ technologies, the increasing popularity of smart appliances and devices, and the increasing use of AI in home automation.
Major players involved in the smart thermostat market include Alphabet (Google Nest) (US), Emerson Electric (US), Honeywell International (US), Lennox International (US), ecobee (Canada), Carrier Corporation (US), Johnson Controls (Lux Products) (Ireland), Legrand (Netatmo) (France), Resideo Technologies (US), Siemens (Germany), Trane Technologies (Ireland), Control4 Corporation (US), Nortek Control (US), tado (Germany).
As the technology and IoT continue to evolve, so too does our understanding of how these things work together. This has led to a number of predictions for what the future holds for smart homes, some of which we are already seeing come to fruition (think Alexa and Google Home), while others remain in development (think quantum computing and self-driving cars). As more and more devices become connected, it is clear that the future of smart homes will be one where everything is interconnected. So whether you’re looking forward to using voice commands to control your home appliances or marveling at the sight of full-scale autonomous buildings in your neighborhood, stay tuned because there’s sure to be plenty more innovation on the horizon when it comes to smart homes.
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