According to a new research report published by Transparency Market Research titled, ‘Smart Home Installation Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’, the global smart home installation services market was valued at US$ 2,515.5 Mn in 2017, and is expected to expand at a CAGR of nearly 25% from 2019 to 2027, to reach value of more than US$ 21,000 Mn by the end of the forecast period. According to the global smart home installation services market report, North America was a significant contributor to the global smart home installation services market, in terms of revenue, in 2018. The prominent market share of this region in the global smart home installation services market is attributable to the high adoption of smart home installation services across the region, especially in the U.S. and Canada.
Key Growth Drivers of the Smart Home Installation Services Market
- Rising Adoption of Cognitive Systems Driving the Global Smart Home Installation Services Market
- The global smart home installation services market is currently driven by an increase in the adoption of cognitive systems by end users. The adoption of intelligent assistance-embedded consumer devices (products) has increased rapidly over the last few years, owing to their advanced features, especially in terms of portability.
- The introduction of cognitive computing solutions in smart consumer devices is projected to drive the demand for intelligent assistance-embedded consumer devices during the forecast period, as companies are investing in technological advancements in embedded devices by integrating cognitive systems for enhancing performance. For instance, according to forecasts by the Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide, cognitive system and artificial intelligence spending is likely to increase to US$ 52.2 Bn by 2021.