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One of the major growth drivers for the smart thermostat market is the globally rising demand for energy-efficient devices. The major application of smart thermostat is in residential buildings and this application is expected to grow at the highest rate during the forecast period. The overall smart thermostat market including hardware and service is expected to grow from USD 585.09 Million in 2014 and reach 5.9 Billion by 2020, at a CAGR of 31.82% between 2015 and 2020.