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Smart Homes

by Jun Ryu

With the smart home market set to reach $151.4 billion by 2024, the market has been growing rapidly as the world becomes increasingly technology-focused. The smart home market’s increase in value is directed by the mass influx of internet users, and smart devices that can be used for applications in homes such as lighting control, security, entertainment, and control of other devices. As the market expands, the devices slowly grow more affordable and widespread.

Most of these devices are easily installed without the need for a professional and can be set up within minutes, making it user-friendly for any household to install in their homes. These devices are usually controlled through an app on smartphones, laptops, and tablets which serve as a remote that can be accessed from anywhere, even away from your house. Newer products such as the Amazon Echo and Google Home are almost fully controlled by an AI voice system which then can be linked to smart products. The large range of tasks these products do increase the demand for smart products. 

The large market causes competition between software and service companies, leading to the rapid development of technology and also making the products more available to households with lower revenue because of the competitive prices. Smart homes have proven to be a useful asset to any household, now more accessible than ever. The unexpected market of smart homes is growing at an unprecedented rate because of the demand and competition between companies, further developing the products. These devices have developed in directions that nobody has ever thought of before. With the market consistently growing 12-15% yearly, it is expected to see massive growth in the future. These devices are bound to improve the quality of life of people around the world.

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