Home-buyer demand for houses with “smart home” features is expected to greatly accelerate over the next decade.
That projection is being made by the New York-based Future Market Insights, a research and consulting firm, forecasting a future smart home market jump of more than $100 billion, from the $20 billion recorded last year to around $125 billion in 2027.
Smart building features in homes, which have especially become more common with the advent of smart communities, focus on such items as physical security, lighting, and temperature control, all done in ways regarded as environmentally sensitive.
According to analysts, the demand for smart building components is also being fed by the increased rate of urbanization in developing countries.
According to the Future Markets Insight report, smart building segment growth is expected to be the strongest with a demand for home security features, a forecast jump between 2017 and 2027 from $5.billion to $35.9 billion.
That segment is followed by energy-efficient lighting, going from $4.3 billion to $28.5 billion, and energy/temperature control features, jumping from $4.1 billion last year to $24.5 billion in 2027.
By Garry Boulard
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