Pune, India, June 21, 2021 (GLOBE NEWSWIRE) -- The global home automation market covered a value of USD 45.8 Bn in 2017 and is anticipated to reach USD 114 Billion by 2025. The global market is anticipated to rise incessantly on account of rising adoption of Internet of Things (IoT) in developing and developed nations. Fortune Business Insights published the above information in a report, titled “Home Automation Market Size, Share and Global Trend by Product Type (Luxury Home Automation System, Mainstream Home Automation System, Managed Home Automation System, DIY Do It Yourself Home Automation System), Application (Safety and Security, Lighting, Entertainment (Audio and Video), Heating, Ventilation and Air conditioning), Networking Technology (Wired Home Automation System, Wireless Home Automation System) and Geography Forecast till 2025.”
The wireless home automation systems segment is expected to report a remarkable CAGR of 12.1% driven by the increasing demand from around the world.
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Report Coverage
The report provides a thorough study of the market segments and detailed analysis of the market overview. A profound evaluation of the current market trends as well as the future opportunities is presented in the report. It further shares an in-depth analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The report sheds light on the key players and their prominent strategies to stay in the leading position.
Market Drivers
Home Automation Market to Grow Rapidly with Rising Demand for Remotely Controlled Devices
The rising preference towards better standard of living is one of the primary factors driving the home automation market. This, coupled with rising disposable income especially in developing countries, is encouraging investment in home automation solutions. The growing adoption of smartphones and tablets across the world is likely to escalate demand for remotely controlled devices, thus driving the home automation market. The adoption of cloud-based solutions is growing at a rapid pace in smart home appliances. This is further expected to act as growth engines for the home automation market over the next few years. Rapid urbanization is another factor leading to rise in home automation systems. These systems offer better security and safety with technologically sound specifications. This contributes to the growing demand for advanced home automation products such as home automation using Bluetooth.
Increasing Adoption of Wireless Technology to Fuel Demand in Global Market
Increasing internet penetration and rising willingness for luxurious lifestyle are major factors anticipated to drive the global home automation market during the forecast period 2018-2025. Moreover, increasing purchasing power and adoption of wireless technology is expected to increase the demand in the global home automation market.
Integration of the Internet of Things in home automation products, besides the Artificial Intelligence is also projected to boost the global home automation market.
However, high cost associated with home automation products and services and high data prices are a few factors that may restrain the global home automation market during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Market Segments
Lighting Seen as the Most Profitable Segment among Others
Among applications, lighting is expected to cover maximum share in the global home automation by 2025. “The adoption of lighting systems is growing as the need for reducing energy consumption rises,” stated a lead analyst at Fortune Business Insights. “This is further resulting in integration of lighting products in-built with technologies such as IoT and cloud-based sources,” he added. Product launches and technologies introduced by companies such as Advanced Lighting Technology and GE Lighting are anticipated to boost this segment in the coming years. Also, companies are adopting wireless technology, which is expected to stimulate growth of this segment during the forecast period.
Regional Insights
North America to Lead the Global Market Owing to High Adoption of AI and IoT
In 2017, the North America market was worth US$ 16.4 Bn and is projected to dominate the global home automation market in the coming years. Companies in this region are continuously involving in mergers and acquisitions (M&As) to deploy home automation solutions. Rising technological advancements and better internet connectivity are key factors driving the home automation market in this region. Europe in also anticipated to witness considerable growth owing to the presence of some leading manufacturers in automotive segment. Lastly, the market in Asia Pacific is anticipated to grow at a steady rate during the forecast period.
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Competitive Landscape
Honeywell International Inc. Accounted for a Maximum Share by Developing Advanced Smart Home
In 2017, Honeywell was the leading player covering for a maximum share in the global home automation market. The company adopted a combination of advanced controls and strategies to develop smart home automation products. Also, the company acquired start-ups to increase its product portfolio penetration in emerging countries. In addition to this, this company is focusing on the deployment of improved technologies in a fully automated home system. In addition to this, recently the company has introduced a home control and Lyric security platform for its users to wirelessly control their home automation systems. Another company called SwannOne launched SwannSecurity which allows users to control and handle their air conditioners, lights, and security cameras with the help of an app.
List of Key Players Covered in the Home Automation Market Report:
- Crestron Electronics Inc.
- AMX LLC (Harman)
- ABB Ltd.
- Control4 Corporation
- Honeywell International Inc.
- Johnson Controls Inc.
- Siemens AG
- Savant Systems LLC.
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Market Overview
- Key Market Indicators
- Macro and Micro Economic Factors
- Emerging Market Trends
- Industry SWOT Analysis
- Global Home Automation Market Analysis, Insights and Forecast, 2014-2025
- Definitions
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Luxury Home Automation System
- Mainstream Home Automation System
- Managed Home Automation System
- DIY (DoIt Yourself Home Automation System)
- Market Analysis, Insights and Forecast – By Application
- Safety and Security
- Lighting
- Entertainment (Audio and Video)
- Heating, Ventilation and Air conditioning
- Others
- Market Analysis, Insights and Forecast – By Networking Technology
- Wired Home Automation System
- Wireless Home Automation System
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Home Automation Market Analysis, Insights and Forecast, 2014-2025
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Luxury Home Automation System
- Mainstream Home Automation System
- Managed Home Automation System
- DIY (Do It Yourself Home Automation System)
- Market Analysis, Insights and Forecast – By Application
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