According to Facts and Factors market research report, the Global Home Automation Market size & share revenue is expected to grow from USD 48.7 Billion in 2020 to reach USD 89.6 Billion by 2026, at 11.5% annual CAGR growth during forecast period of 2021-2026. The top market companies profiles included in report with their sales, revenues and strategies are Creston Electronics, Inc., AMX LLC, Control4 Corporation, Honeywell International, Inc., Johnson Control, Inc., Siemens AG, Savant Systems LLC, ABB Ltd and others.
Global Home Automation Market: Overview
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 the internet of things and the increased prevalence of consumers possessing elegant and luxurious appliances. Moreover, rising consumer spending and an 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 a rise in revenue opportunities for the global home automation market during the forecast. The 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.
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 the 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 the 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 cameras.
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, thermostats, 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.
Global Home Automation Market: Growth Factors
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.
Global Home Automation Market: Segmentation
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.
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 the 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.
