Consumers in the U.S. will almost double the amount they spend on smart home products and systems in the years ahead, with revenues in the home automation market expected to increase from $76.6 billion in 2018 to a whopping $151.4 billion by the year 2024.
In comparison, this represents a compound annual growth rate (CAGR) of 12.02 percent, even though the entire world economy is only forecasted to grow 5.4 percent in the near future (with many other sectors anticipating growth rates that are much lower, like the postal and courier industry which is closer to 3.78 percent). [Read more…]