Safety and efficiency are the main reasons for the increase in the use of smart home technology.
The smart home can use either a wireless system or a wired system, or both systems. Wireless systems are easier to install. Deploying a wireless home automation system with features such as smart lighting, climate control, and security can cost very little money and thus be relatively inexpensive. Wired systems, on the other hand, are considered more reliable and are generally more difficult to crack. Wired systems can increase the resale value of a home. But there is a disadvantage, it is quite expensive. Installing a luxury, wired smart system could cost homeowners hundreds of thousands.
In 2016, the global home automation market was about $24 billion billion. As more and more people begin to adopt smart home technology, this number is expected to grow to about $53.5 billion by 2022. Video entertainment is expected to be the main application of smart home technology, followed by home security and surveillance services. Smart speaker technology has successfully penetrated a large number of ordinary households, for example, about 31% of households in the United States use smart voice devices such as Amazon Echo or Google Nest.