Global Home Automation Market Share Projected to Touch USD 89.6 Billion By 2026

21-Jun-2021 | Facts and Factors

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 system refers to devices that can safely regulate and monitor a range of home appliances such as lights, climate, and entertainment systems to name a few. The latest version of these systems further possesses the ability to control the alarm systems and control systems of the house. The primary driving factors of the global home automation market are the growing popularity of internet of things and increased prevalence of consumers on possessing elegant and luxurious appliances. Moreover, rising consumer spending and increase in per capita income among consumers will further drive the growth of the global home automation market during the forecast.

Strategic adoption of brand placement with celebrities and brands and increased marketing budgets among manufacturers will further enable rise in revenue opportunities for the global home automation market during the forecast. Rising penetration of cloud-based solutions and rising smart homes among various regions will further increase the footprint of the global home automation market during the forecast. Prebuilt provisions for easy integration of these applications will further boost the growth of the global home automation market during the forecast.

Top Market Players

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.

Market Dynamics

Here are some noteworthy developments that are expected to change the course of the home automation market during the forecast:

• The Indian Government recently launched the ‘Make in India’ campaign which aims to increase production of startups that develop home automation products and services.
• Schneider Electric launched the Easergy P3 in the Indian Market which is a medium protection relay circuit that takes into account real-time analytics and advanced technological solutions such as Internet of Things (IoT).

Apple, Inc. developed a HomeKit that allows users to connect their iPhones to their range of smart home devices and perform actions such as open garage doors, control lights and monitor security camera.

On the basis of applications, the global home automation market can be divided into lighting control, security and access control, HVAC control, entertainment control, and others. The segment of entertainment control will occupy the largest market share during the advent of the forecast in terms of global revenue contribution. Factors responsible for the dominant position of the segment can be credited to the rising applications based on increased convenience and increased functionality of these devices.

On the basis of management, the global home automation market can be fragmented into on-premises and cloud-based. The on-premises segment will account for the largest market share during the forecast owing to the accompaniment of a central hub that can monitor lighting systems, thermostat, and HVAC to name a few. Furthermore, the ability to control a number of devices from a single source of contact will aid in boosting the growth of the global home automation market during the forecast period.

Asia-Pacific Is Expected To Witness The Largest Market Share During The Forecast Period

Asia-Pacific is expected to witness the largest market share during the advent of the forecast owing to rising industrial sector coupled with rising consumer awareness about home automation systems. Emerging economies such as India and China focusing on expanding smart cities within will further boost the market for home automation devices during the forecast period. Furthermore, the presence of a larger population base amongst the region with rising disposable income will aid in boosting the sales for the global home automation market.

Browse in full report “Home Automation Market By Management (On-premises & Cloud-Based), By Application (Lighting Control, Security & Access Control, HVAC Control, & Entertainment & Others), By Software and Algorithm (Behavioral & Proactive), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/home-automation-market

The global home automation market can be segmented into:

Global Home Automation Market: By Management Segment Analysis

• On-premises
• Cloud-Based

Global Home Automation Market: By Application Segment Analysis

• Lighting Control
• Security & Access Control
• HVAC Control
• Entertainment Control
• Others

Global Home Automation Market: By Software & Algorithm Segment Analysis

• Behavioral
• Proactive

Global Home Automation Market: By Regional Segment Analysis

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

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