Smart home market to grow to $122 billion by 2022

The smart home market is projected to reach $121.73 billion by 2022 according to MarketsandMarkets. The industry is expected to have a CAGR of 14 percent within the next six years.

The report says the Asia-Pacific region will have the highest CAGR, with South Korea being an exceptionally strong market thanks to high demand for smart lighting and entertainment products. Previous reports have shown North America as the most important smart home market with smart security a top concern. In fact, MarketsandMarkets confirms that the region still has 60 percent of the market.

Other areas are growing quickly. While the report singles out East Asia countries, Forbes Middle East published a story on the state of the smart home market in Southwest Asia. Axiom Telecom CEO Fahad Al Bannai told Forbes that countries in the Gulf Cooperation Council will see rapid smart home adoption, especially the UAE and Saudi Arabia. Millennials in these countries, he said, want to use technology "to help them strike that balance between home, work and leisure." Axiom Telecom has a unique look at the market as the region's largest mobility reseller.

If smart home technology takes off anywhere in the Middle East, the UAE makes the most sense. The country has a smartphone penetration rate of 73.8 percent, the highest in the region. In addition to Axiom, UAE's telecom providers Etisalat and du offer smart home solutions themselves, with a focus on security and entertainment. Axiom seems to especially have a concentration on security, which is known to be a top reason people adopt smart home technology. Axiom offers products like smart locks and lights, IP cameras and drones for aerial surveillance.

Many of these products no doubt come from China, where security products are big sellers and smart home products are increasingly popular among manufacturers. Of course, surveillance cameras have been used by consumers at home for many years now, but they are now very affordable thanks to China manufacturing. Service providers are also enticing users through smartphone apps that allow people to monitor their home from anywhere. The combination of cameras with other sensors and smart home devices to allow a more holistic way of monitoring a home is a big boost to smart homes these days.