A smart home is a house equipped with connected components such as lighting, heating, and electronic devices that can be controlled remotely by phone or computer. In order for all these systems to work effectively, they must be connected to one another on the same wireless network. This is known as Machine to Machine connection or M2M connectivity. With huge market growth projected for the smart home market, the market for M2M connections is expected to grow simultaneously. By the year 2020, the U.S. M2M connections market is projected to be worth $7,262.76 million.* By 2021, the number of total M2M connections is expected to be 3.3 billion worldwide.**
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In the future, the extent of connectivity within the smart home will continue to evolve and expand, encompassing more and more aspects of the home. The scope of wireless device connectivity ranges from entertainment, energy control systems, medical devices, security and more. Smart appliances and smart lighting are predicted to see major growth in the next decade. According to Global Industry Analysts, the global smart lighting market is projected to grow to $47.1 billion by 2020*. In a recent press release by Markets and Markets, the smart appliances market is said to be worth $37.2 billion by 2020**. What are the driving factors in this market growth and how will it benefit consumers?