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April 18, 2014

Smart-Home Services to See Huge Growth

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Smart-Home Services to See Huge Growth

The smart-home services market is expected to see rapid growth in the next few years as the number of wired, automated homes increases and breaks into markets other than high-end properties. Research by NextMarket Insights projects that the smart-home services industry will shoot up from under $2 billion worldwide in 2012 to $10.9 billion in 2017.

Home automation systems are showing higher adoption rates, particularly as more technology and cable companies such as AT&T, Comcast, and Verizon jump on board with the trend. Home security and energy management devices that can be controlled from a smartphone or over the Internet are increasing in popularity. Some of these devices allow home owners to control or monitor their homes' thermostats or door locks from anywhere. 

Cable, Internet, and phone providers are getting into home automation systems as a way to grow their business and stave off the threat that online video and voiceover IP poses to their revenue, Forbes reports.

Source: “Smart Home Services to Reach $10.9 Billion in 2017,” Forbes (Aug. 28, 2013)

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