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Smart Homes Market Worth $58.68 Billion by 2020

The global smart homes market was valued at $20.38 billion in 2014 and is expected to reach $58.68 billion by 2020. North America will lead the chart driven by gaining traction for safety, peace of mind, increased awareness and better product offerings. The benefits of smart homes can only be realized if the technology becomes affordable for common people and accessible to those for whom it is essential. Smart homes refer to a residence equipped with computing and information technology devices that anticipate and respond to the needs of the residents; thus, working towards enhancing their comfort, convenience, security, and entertainment through the automation of technology within a home.