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[218+ Pages Report] Facts & Factors' recent report titled "Global Home Automation Market" has been added to our list of market research reports. We predict that the global Home Automation Market will expand at a CAGR of 11.5% from a starting value of USD 48.7 Billion in 2020 to reach an expected final value of USD 89.6 Billion by 2026.
Home automation or domotics is referred to the set of equipment that is required for building smart homes or smart houses. Home automation system possesses the capability to monitor and regulate certain attributes w.r.t appliances such as lighting, climate, and entertainment system to name a few. Furthermore, the recent iteration of home automation systems includes advanced regulations such as access to control and alarm systems. When home automation systems are connected to the Internet, they are often pegged together in the realm of the Internet of Things (IoT). These systems can be monitored and regulated through a central hub or “gateway”.
The rising factors that are responsible for the growth of the global home automation market are the rising potential and popularity of the Internet of Things (IoT) coupled with the increased preference for technology that relies on a range of connected devices that includes televisions, refrigerators, and other appliances. Rising disposable income and rising preference for elegant and luxurious lifestyles in developing countries will drive the growth of the market toward a higher potential. Furthermore, strategic adoption associations and increase marketing budget will push the boundaries of the global home automation market during the forecast. Moreover, the rapid adoption of cloud-based solutions in smart home appliances will open new revenue opportunities for the global home automation market.
Lower insurance costs for homeowners coupled with a rising range of existing internet and cable subscription services will further propel the growth of the market during the forecast. The entry of telecommunication companies has increased the consumer base for the home security business, thereby providing a cutting edge due to their vast technical skillset. Insurance companies providing additional discounts for smart homes and the rising consumer spending for luxurious items will further aid in expanding the consumer base for the global home automation market during the forecast timeframe. However, the lack of pre-installed home automation systems and high initial costs can hamper the growth of the market.
The global home automation market can be segmented into management, product, software & algorithm, application, and regions.
The global home automation market can be divided into on-premises and cloud-based on the basis of management. The segment of on-premises is expected to witness the largest market share during the advent of the forecast due to its functionality of an accompanied central hub that regulated lights, thermostat, HVAC, audio, and streaming devices from a single source. Furthermore, they are the ideal source of management systems for connecting a wider number of devices. On the basis of application, the global home automation market can be fragmented into lighting control, security and access control, HVAC control, entertainment control, and others. The category of entertainment control will account for the largest market share during the advent of the forecast owing to the rising demand for convenience while performing these tasks. A bulk of regulation arising from demands ranges from controlling volume, audio, and other multimedia room controls. Additional controls can include smart meters, smart plugs, smart hubs, and locks to name a few. A majority of these systems employ sound and video cues for functioning. The global home automation market can be segregated into behavioral and proactive on the basis of software and algorithm. The proactive segment is expected to occupy the largest market share during the advent of the forecast owing to its combinative functionality such as transferring energy consumption data towards users and providing a better sense of responsibility while performing assistive functions. Furthermore, these services can further perform recommendation signals that can make a smart decisions for the users on their own.
Asia-Pacific is expected to witness the largest market share during the advent of the forecast in terms of global revenue contribution. Contributing factors that can be attributed toward the dominant growth of the market in the region are a surge of real estate and home construction sectors during the forecast. Furthermore, the region possesses the most densely packed countries in the world with sufficient disposable income. Rising consumer awareness about the benefits of home automation systems such as energy savings and a sense of security will further boost the sales of the home automation market in the region. Emerging economies such as China and India have aggressively started expanding on “Smart Cities” which is expected to prove as a boon for the global home automation market during the forecast.
The key participants in the global home automation market are Creston Electronics, Inc., AMX LLC, Control4 Corporation, Honeywell International, Inc., Johnson Control, Inc., Siemens AG, Savant Systems LLC, ABB Ltd, Resideo, Legrand, Schneider Electric, Acuity Brands, Lutron, Remote Technologies, Elan, Develco Products, and Vantage Controls, among others.
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