What if you could connect all of your devices to the internet: clocks, speakers, lights, doorbells, cameras, windows, hot water heaters, appliances, cooking utensils, etc. With the help of IoT smart home automation has become possible nowadays.
The global market is expected to reach a value of almost 100 billion U.S. dollars in 2021. China and the Far East are the most prominent smart home markets by sales volume, with 40% of manufactured devices selling in the region.
By 2023, it is anticipated that the number of smart homes will surpass 350 million. Smart speakers which are the most popular market segment had about 320 million units in use by 2020. By 2024, the installed base is expected to double in size.
Other major segments of the smart home market include video entertainment systems such as smart TVs, home surveillance and security systems, and smart appliances. Additional devices that can be built into IoT-based home automation systems include smart thermostats, sensors, and intelligent lighting. These devices are used in the home for energy efficiency and to increase comfort.
The IoT-based smart home devices provide a sense of convenience, but they can also perform more serious functions, such as acting as your home security system when you’re away. In other words, they’re no longer just for fun; they also serve a practical purpose. With smart home automation using IoT, you can monitor anything from lighting to water temperature in your bathtub.