According to a report from Big Market Research,, Portland, Ore., things are looking much brighter in the near future for the global smart home and building market.

The report predicts the market to hit $35.3 billion by 2020, growing at a CAGR (compound annual growth rate) of 29.5% from 2012 to 2020. Cited as reasons for this growth are government regulations, ballooning energy costs, and increasing awareness.

Efficient energy is something many are seeking due to increased greenhouse effects and high-energy costs. To find an answer to this, construction businesses around the world are working on smart-home features to meet demand.

It is estimated, the application segment of the global smart home and building market could reach $6,132.4 million by 2020 aided by a CAGR of 34.6%.

LED lighting technology is growing in popularity due to its ability to provide a higher color rendering index and greater efficiency for an existing lighting system. These features are pushing the adoption of LED lighting over conventional lighting systems.

Still, obstacles such as interoperability, a lack of standardization, and high upfront costs could impede market growth. By 2020, North America could generate revenue totaling $12.4 billion, while Asia Pacific is forecast to grow exponentially during the time frame.

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