Rapid development of advanced technologies like biometrics is fueling the growth of the global smart home market. Verified Market Research reports the value of the smart home market at 80.8 billion USD last year and predicts it will grow to 207.9 billion by 2027, which would be a CAGR of 13.5 percent over the next seven years.
Consumer demand for convenience-led biometric solutions in the home, like facial recognition-based entry, is expected to help, but Verified Market Research suggests demand for home monitoring systems, as well as new solutions like remote HVAC and access control will spur the market.
Verified Market Research remarks that of the five continents on which there exists a market for smart home technology, North America accounts for 40 percent. Closely following, and anticipated to have the most rapid growth in the sector, is the Asia Pacific region; due to population increases, urbanisation and massive economic change.