New York, July 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global home automation market accrued USD 84.33 billion in 2021, and is estimated to generate USD 210.15 billion by 2030, witnessing a CAGR of 10.7% from 2022 to 2030. The report highlights the strategies adopted by leading market players to gain competitive edge and strengthen their position in the market. In addition, the report offers a detailed analysis of changing market dynamics, key segments, and market size & estimations.
Binding the extensive analysis, statistics, and information in 614 pages, supported by 842 tables and 426 figures, the report aims to provide a detailed source of guidance for C-level executives, stakeholders, and investors to take necessary decisions for achieving sustainable growth and determine investment feasibility. In addition, the research outlines the impact of the Covid-19 pandemic on the global home automation market size.
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| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | USD 84.33 billion |
| Market Size in 2030 | USD 210.15 billion |
| CAGR | 10.7% |
| No. of Pages | 614 |
| Tables | 842 |
| Figures | 426 |
| Segments covered | Connection Type, Application, Management, System Type, and Region. |
| Drivers | Increase in building construction activities worldwide |
| Surge in demand for safety & security in homes | |
| Opportunities | Rise in adoption of automated services |
| Supportive government initiatives for development of smart cities |
The report analyzes driving forces, restraining factors, and opportunities of the global home automation market to enable market players and new entrants to devise strategies accordingly. Increase in building construction activities worldwide, rise in need for energy-efficient solutions, and surge in demand for safety & security in homes drive the growth of the market. However, the need for huge initial investment and lack of awareness in developing countries are the factors that restrain the market growth.
Outlining the opportunities that are lying ahead in the home automation industry, the Lead Analyst for the Semiconductor & Electronics category at Next Move Strategy Consulting, stated, “Rise in adoption of automated services will present new opportunities in the coming years. Moreover, supportive government initiatives for development of smart cities and adoption of smart homes create new opportunities in the coming years.”
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The report provides a detailed segmentation of the global home automation market based on connection type, application, management, system type, and region. The analysis of these segments and their sub-segments are mentioned with the help of tabular and graphical representation to help market players in better understanding of the market.
Based on connection type, the report bifurcates the market into wired and wireless. On the basis of application, the research further classifies the market into security & safety, entertainment, lighting, heating ventilation & air conditioning (HVAC), and others. The lighting segment is sub-segmented into dimmers, switches, relays, and others. The security & safety segment is further analyzed into access control and video surveillance. The HVAC segment is sub-categorized into sensors, thermostats, control valves, and others. The entertainment segment is further divided into home theater systems, volume & multimedia controls, and others.
On the basis of management, the research bifurcates the market into cloud-based and on-premise. Based on system type, the report further segments the market into mainstream home automation, DIY (Do It Yourself) home automation, luxury home automation, and managed home automation.
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Based on region, the research sub-divides the market into North America, Europe, Asia-Pacific, and RoW. As per the report, North America held the highest home automation market share in 2021, and will continue to dominate during the forecast period. This is due to the rise of smart cities and adoption of smart home technologies. However, Asia-Pacific is estimated to maintain the steady CAGR during the forecast period, owing to increase in real estate and home construction activities and deployment of smart technologies to achieve energy savings.
The report analyzes each region and its respective countries based on each segment and sub-segment. Tables and figures are utilized to show analysis in the best possible manner for improved understanding and determining growth patterns.
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The report provides a competitive scenario of the global home automation market along with detailed analysis of each leading market player. The report highlights and analyzes leading players including Honeywell International Inc, Johnson Controls International, ABB Ltd., United Technologies Corporation, Crestron Electronics, Inc., Siemens AG, Schneider Electric S.E., Samsung, Lutron Electronics Co., Inc., and Legrand SA. The research highlights the sales value based on business segments and geography, product portfolio, and primary competitors. This analysis is helpful for market players and investors in determining opportunities to gain competitive edge and achieve optimum profitability.
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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analyzed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top quality research and the obsession of turning data into knowledge by dissecting every bits of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enable them to move beyond time and have competitive edge in the industry.
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