21:09, 22-Feb-2018
Home Sweet Home: Global smart home market on the rise
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Smart home technology is helping people live their lives in a more efficient way. Let's now take a look at some market trends that are defining this new tech.
According to one report, the global smart home market will grow five-fold to 50 billion US dollars by 2020. Meanwhile, China's smart home market will reach 22-point-5 billion US dollars in 2018. With domestic and foreign companies pouring into the market, the sector is expected to become China's next investment bonanza.
As for now, popular smart home devices on the market are mostly for entertainment and security purposes, including speakers, TVs, and electronic door locks. Other products include advanced lighting and heating devices, medical care tools, and kitchenware.
With the cost of production now decreasing, the smart home market is expected to see a boost as domestic companies like Xiaomi and Huawei enter the market.