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The smart home market in Latin America has been projected to grow while expanding with a CAGR of 15.50% during the forecasting years of 20192027, according to a report by Triton Market Research. Brazil, Mexico and countries in rest of Latin America together form the market smart homes in Latin America.
Though the population in Mexico is comparatively young the median age was reported to be 27.9 in the year 2015, it is expected to age rapidly over the coming years, reaching 42 years by the year 2050. Secondly, Mexico has shown growth in its disposable income. These two factors will directly affect the smart home market in Mexico. Also, the IoT and cloud computing markets are showing rising trends. Hence, rising trends will be observed in the Mexico smart home market in the country.
Brazil is the largest country in Latin America. The smart cities initiative will boost the smart home market in the country. Recently, the fourth edition of Connected Smart Cities CSC unveiled the top five smart cities in Brazil. Curitiba, Vitoria, Belo Horizonte, So Paulo and Rio de Janeiro are the cities that will be the focus of the smart cities initiative. The smart home market is likely to perform well in the region.
Few of the prime players in the smart home market are Control4 Corporation, Crestron Electronics, Inc., EE Limited, Emerson Electric, Co., Honeywell International, Inc., Johnson Controls, Inc., LG Electronics, Inc., Samsung Electronics Co., Ltd. and Schneider Electric SE.NEXT ARTICLE
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