The global home automation market is expected to grow at a significant CAGR of 18.0% during the forecast period. The factors driving the growth of the global home automation market are increase in demand for efficient energy management, safety and security concerns, increasing need of comfort, evolution of Internet of Things (IoT), and other SSL technologies. Moreover, widespread use of smartphones and remote monitoring electronic gadgets are further augmenting the global home automation market growth. Apart from better security, comfort and convenience to the resident, home automation market also attributes to the significant energy saving. The primary aim of smart homes is to make living secure, entertaining, sustainable, comfortable, and convenient. Moreover, adoption of smart devices in a number of applications such as lightning, entertainment, smart kitchen, and others augment the market growth. Factors which may restrain the growth of the global home automation market are high installation cost and less awareness among people.
The global home automation market (HAM) is a system of electronic controlled and networked devices that work together to make home customized, secure, comfortable, and efficient. The HAM allows a variety of application in different verticals such as lightening control, HVAC regulation, lawn irrigation system, smart appliances, and security systems. Lights of a specific room can be scheduled by selecting the level of light. Depending upon occupancy, automated heating, ventilation and air conditioning (HVAC) are adjusted in a way to maintain the heat of the room. With local weather data, water regulation system is employed through real-time communication. There is a reduction in energy consumption, and cost by automating appliances and making them accessible from smart devices. Home security system via smartphones uplifts the importance of the global home automation market.
The global home automation market is segmented on the basis of component, product type, technology, application, and geography. On the basis of component, the global HAM market is segmented into hardware, software, and service. Product type segment includes Lighting Control, HVAC Control, Security & Access Control, Smoke Detector, and Entertainment Control & Others. On the basis of product type, entertainment control segment will hold the largest market share for the global home automation market in terms of value in the forecast period owing to convenience offered by these systems in managing entertainment systems of homes. Based on technology, the home automation market is bifurcated into network technology and wireless technology. On the basis of software and algorithm, the global HAM market is segmented into proactive and behavioral. Proactive segment is expected to grow at a faster rate during the forecast period, this can be attributed to the ability of the software to sense energy usage patterns and run a comparative analysis. Application segmentation of home automation market includes smart kitchen, HVAC & energy management, safety and security, lightening, entertainment, and others.
Geographically, the global home automation market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to hold the largest market share of home automation during the forecast period. The demand for home automation in this region is majorly driven by increasing demand for smart homes with domestic energy management systems and presence of key players of home automation market in this region. Asia-Pacific is expected to be the fastest growing region in the home automation market, due to frugal manufacturing capabilities of this region and increase in demand for green and smart homes by the target demographic.
The major key players profiled in the global home automation market are Ingersoll-Rand PLC, Schneider Electric SE, Johnson Controls Inc., Ingersoll-Rand PLC, Schneider Electric SE, Honeywell International, Inc., Acuity Brands, Legrand, ABB Ltd., Control 4 Corporation, Crestrons Electronics Inc., Zigbee alliance, and Siemens AG among others.
Global Home Automation Market Outlook and Opportunity Analysis, Competitive Insights, Actionable Segmentation Forecast 2024