New Smart Home market worth by 2027
Verified Market Research, who often publish reports on the smart home market, has given new predictions for the value of the smart home market in 2027. The report states that the market will be worth $207.88 billion by 2027, compared to the valuation of $80.83 billion in 2019. This equates to a CAGR of 13.52% from 2020 to 2027. A large amount of the boost is coming from more and more technological growth in the smart home market, which has been well expected. Developments such as wireless technologies like HVAC Controller, improve security and access regulators have been key to this. Hindrances to growth include installation issues and concerns over cyber attacks.
