According to a report by Strategy Analystics, the rise in demand for monitoring, control and security services by wireless carriers and security service providers is expected to drive the global smart home market to $72bn by 2017.
The research firm also projects that over 15% of broadband houses in the world will have at least one smart home system by 2017.
By that period, interactive security services, integrated entertainment and home controls will be responsible for major revenue generated followed by self-monitoring systems and services.
Strategy Analytics Smart Home Strategies advisory service director Bill Ablondi said that home energy management will drive markets in some Western European countries, such as Germany, where Deutsche Telekom and its partners Samsung, Winkle, Tadoo, E.ON, EnBW, eQ-3, and Meile are addressing smart home opportunities with the QIVICON offering.
"Interactive security from Alarm.com and Comcast in addition to ADT will remain the leading application in the US market and entertainment-related solutions will be popular globally," Ablondi said.