The smart home market is expected to grow at a compound annual growth rate (CAGR) of 18.36% from 2021 to 2027, according to a report by Technavio. The report attributes this growth to factors such as the increasing adoption of smart home devices, the rising demand for energy-efficient solutions, and the growing popularity of home automation.

The report also highlights some of the key players in the market, including ABB Ltd. and Allegion Public Ltd. Co. Other notable players in the market include Amazon.com Inc., Apple Inc., Alphabet Inc., and Samsung Electronics Co. Ltd. These players are expected to continue to drive growth in the market in the coming years, as they continue to invest in research and development to improve their products and services.

One of the key drivers of the smart home market is the increasing adoption of smart home devices. These devices, which include smart thermostats, smart locks, and smart lighting systems, allow homeowners to control various aspects of their homes remotely. This has become especially important in the wake of the COVID-19 pandemic, as people have spent more time at home and have looked for ways to make their homes more comfortable and convenient.

Another factor driving growth in the smart home market is the rising demand for energy-efficient solutions. Smart home devices are designed to be more energy-efficient than traditional devices, which can help homeowners save money on their energy bills. This is particularly important in regions where energy prices are high, or where there are concerns about energy security.

Finally, the growing popularity of home automation is also driving growth in the smart home market. Home automation allows homeowners to control various aspects of their homes, such as lighting, heating, and security, using a single app or device. This makes it easier for homeowners to manage their homes, and can help them save time and money.

In conclusion, the smart home market is set to grow at a CAGR of 18.36% by 2027, driven by factors such as the increasing adoption of smart home devices, the rising demand for energy-efficient solutions, and the growing popularity of home automation. Key players in the market include ABB Ltd. and Allegion Public Ltd. Co., as well as Amazon.com Inc., Apple Inc., Alphabet Inc., and Samsung Electronics Co. Ltd. The continued investment in research and development by these players is expected to drive growth in the market in the coming years.