International.
The global residential automation systems market is projected to rise from $32.11 million in 2015 to $78.27 billion by 2022, increasing at a compound annual growth rate (CAGR) of 12.46% between 2016 and 2022, according to a new report published by MarketsandMarkets.
The growth of the home automation systems market is attributed to factors including the growth of the Internet of Things (IoT) market, cost reduction measures activated by home automation systems, the large number of manufacturers expanding their product portfolio, and the growing importance of home monitoring from remote locations.
North America held the largest share of the home automation systems market in 2015, followed by Europe and Asia-Pacific (APAC). The U.S. is expected to dominate the North American market.
