The global market for Internet of Things (IoT) devices will generate revenues of $44 billion between 2015 and 2019, according to a new report from Technavio.

Also known as smart devices, such objects include appliances, watches, thermostats, glass and lighting. The growing popularity of smart homes is expected to encourage the adoption of IoT devices during the forecast period.

The Americas dominate the global market for IoT devices, the report says, accounting for 49% of the overall market share. Rapid advances in technology and changing consumer preferences over the use of electronic devices are among the major factors contributing to the rising demand for IoT devices in the Americas.

“One of the interesting trends that this market is witnessing is the growing demand for energy efficient equipment,” Navin Rajendra, industry manager, hardware and semiconductors at Technavio, said in a statement.

“Vendors are offering smart thermostats that are equipped with intelligent sensor systems that detect users’ cooling and heating requirements,” Rajendra said.

These devices adjust power consumption as per users’ requirements, and as a result regulate the energy usage and lower household expenses, he said. Smart thermostat vendors are also developing devices that are user-friendly in terms of installation procedures.

Technavio estimates that the smart lighting system segment will account for more than 45% of the total market share by 2019. The growing focus on energy consumption and the introduction of strict government policies pertaining to energy consumption are the major growth factors in this segment during the forecast period.

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