Malaysia Smart Home Market Report 2019-2025: Number, Household Penetration & Key Company Analysis – ResearchAndMarkets.com – Yahoo Finance
The Malaysian smart home market is expected to exceed US$ 235 Million by 2025
Smart homes are the residences that are equipped with information and computing technology devices that anticipates and responds to the requirement of the owner in an effective and efficient manner. There is a growing demand in the Malaysia market for safe and secure living environment, especially concerning safety functionalities and discrete monitoring for elderly people.
In Malaysia, the people aged 65 or over account for around 6.5 percent of the total population. This demographic trend is expected to continue and will significantly influence social and economic structures. Also, the explosive population growth and dynamic shift in urban sprawl, coupled with the economic growth of megacities in the emerging economies, would pose a variety of opportunities for companies operating in the smart home market segment. According to the worldmeters, in 2018, 77.3% of the Malaysian population lived in urban area. By 2030, roughly 83.4% of the population is expected to live in urban areas. This creates an enormous opportunity for the smart home market players.
The Malaysia smart home market is driven by factors such as significantly growing IoT market, cost reduction measures enabled by home automation systems, manufacturers expanding their product portfolios, and increasing importance of home monitoring from remote locations. With the increasing demand of smart home devices, security and privacy breach is also increasing. The issues pertaining to privacy and security breach are restraining the growth of the smart home market.
For more information about this report visit https://www.researchandmarkets.com/r/976na8
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