Global demand for home automation market was valued at around USD 47.59 Billion in 2018, and is expected to reach approximately USD 101.96 Billion in 2025, at a CAGR slightly above 11.50% between 2018 and 2025.
Home automation is system with network of hardware electronic interfaces communication, which combines hardware and software which gives the user control over the devices and appliances inside the house premises. It is a building automation which is also referred to as smart house or smart home. The devices are connected with each other through internet and can be managed via smartphone or tablet even from miles away.
Home automation market is likely to grow at a significant rate in the expected time period. The demand is driven owing to the increasing adoption of Internet of Things in the developing countries. Rising disposable income and change in taste and preferences of the consumers are also anticipated to propel market growth. Shifting of customer focus from traditional houses to smart homes and change in luxurious and elegant lifestyle is also expected to support market growth. Moreover, rising awareness about efficient energy usage, sharp increase in electricity prices and technological advancement are anticipated to foster home automation market growth. Also, rising safety & security concern is projected to promote the adoption of home automation system, eventually increasing market growth. Surging adoption of automated services is expected to open opportunities for global home automation market. Furthermore, the home automation market is also driven by IoT market growth, increasing adoption of home monitoring system, rising necessity of home monitoring from remote locations and rising customer awareness associated with the convenience of smart home devices which includes lighting and automated security systems along with stringent government regulations is anticipated to propel market growth in the long run. The acceptance of smart homes systems is rising, due to the development in construction industry along with rising demand for energy conservation in home and building automation. However, high initial cost in home automation and lack of awareness and standardization about home automation products and are anticipated to hinder home automation market growth.
The home automation market is bifurcated into application, technology and type. The industry is segmented into entertainment, safety & security, lighting, HVAC and others. Safety & security will hold a significant share in the market during the anticipated period. This is subjected to the rising privacy issues, growing crime rates and other security concerns. All these factors are anticipated to stimulate market growth for home automation.
On the basis of region home automation market is segmented into North America, Europe, Asia Pacific, Latin America and Meddle East and Africa. North America is projected to hold significant share owing to the huge user base along with the presence of majority key player of the market. North America, Europe and Asia Pacific are considered to be the main income generating region for home automation market. The Asia pacific region will contribute in the development of the market owing to the rising income level of the consumers of end users along with the incentive taken by the government eventually promoting market.
The major players operating in the home automation market are Crestron Electronics Inc., Legrand, Honeywell International, Inc., Schneider Electric SE, Control4 Corporation, ABB Ltd., Johnson Controls, Inc., Siemens AG and Zigbee Alliance among others.
The report segments home automation markets are as follows:
Home Automation market: Application Segment Analysis
Home Automation market: Technology Segment Analysis
Home Automation market: Type Segment Analysis
Home Automation market: Regional Segment Analysis