The automated home market exceeded $23bn in 2018 and is expected to reach $75bn by 2025, at an impressive compound annual growth rate (CAGR) of 18%, according to GlobalData, a leading data and analytics company.

GlobalData’s latest theme report, ‘Thematic Research: Automated Home and Utilities’, states that growth will mostly be driven by smart thermostats, which are becoming increasingly common as consumers and governments look to control energy consumption. In fact, over $7bn of the 2018 figure was that of smart thermostats, and both the home automation market and the share of utility-linked smart thermostats are estimated to increase during the forecast period.

Utilities and electricity retailers have been attempting to enter the automated home market the same way telecom and cable companies have done so, by leveraging their large existing customer base.