The connected home market is predicted to reflect a huge growth in the next eight to 10 years. Encompassing various devices and appliances associated with security, healthcare, energy management, media, lighting, and kitchen solutions, home automation already has a large presence in the industry right now. But in an analytical report, called "Connected Homes Market: Global Industry Analysis (2012-2016) and Forecast (2017-2026)," the market is projected to grow a compound annual growth rate of 14.2% during the period of forecast.

There are several aspects that are responsible for the meteoric growth of connected homes market. Factors such as rising consumer needs and desire for convenience purpose, increasing need for security and safety by the user, rising innovations in touch screens and sensors from a technology standpoint, rising widespread connectivity and benefits such as energy efficiency and optimization in consumption of energy are boosting the growth of the global connected homes market. However, challenges like high cost, lack of awareness and complex installations are hindering the growth of the global market for connected homes.

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