Pune, India, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights has published latest forecast for home automation market in their report titled, “Home Automation Market Forecast, 2021-2028”. As per the report, the global market size was USD 64.58 billion in 2020. The global home automation market size is projected to grow from USD 72.30 billion in 2021 to USD 163.24 billion in 2028 at a CAGR of 12.3% in the forecast period, 2021-2028.
As per the research conducted by our expert analysts, the rising adoption of Internet of Things (IoT) technology is anticipated bolster market growth. Likewise, surging home ownership by millennials and growing flexible income in established nations to navigate automated home demand.
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Key Industry Development:
May 2020 – Savant Systems LLC, procured GE Lighting to refine its smart home technology product portfolio. By adding automation offerings, the company focuses to offer a smart home solutions to the expanded customer base.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.3% |
| 2028 Value Projection | USD 163.24 Billion |
| Base Year | 2020 |
| Home Automation Market Size in 2020 | USD 64.58 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 130 |
| Segments covered | Component, Network Technology and Geography |
| Home Automation Market Growth Drivers | Smart Home Technology to Fuel Market Growth |
| North America to Hold Largest Market due to Integration of Advanced Technologies | |
| Innovative Product Unveiling by Vital Players to Drive Market Growth |
Complete Lockdown Limitations to Push Automation System Demand during COVID-19
Momentary lockdown of production facilities and further restricted existence of staff affected the production quantity throughout industries. During the preliminary months of the year 2020, the home automation devices and products perceived a substantial drop in their production along with an unbalanced supply chain. Also, the expending share on smart devices was declined owing to the irregular financial disaster. This has adversely influenced the growth and year-on-year growth observed deterioration during the year 2020.
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Competitive Landscape:
Innovative Product Unveiling by Vital Players to Drive Market Growth
The chief players in the home automation industry employ various tactics to fortify their position in the market as leading companies. One such substantial tactic is procuring companies to motivate the brand value among users. Another fundamental strategy is intermittently launching inventive products with a detailed evaluation of the market and its target audience.
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. Some of the other leading players in the global home automation market include Crestron Electronics Inc., Control4 Corporation, Savant Systems LLC., Siemens AG, Honeywell International Inc., ABB Ltd., and Johnson Controls Inc.
Highlights of the report:
- Detailed individual and collective study of all the market segments;
- Thorough analysis of the factors driving and retarding market growth;
- Comprehensive assessment of the regional developments influencing the market; and
- In-depth profiling and examination of the key market players and their dominant strategies.
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Drivers and Restraints:
Smart Home Technology to Fuel Market Growth
Smart technology is increasing suddenly throughout industries. Smart home technology is considerably discovering and altering the home automation system. Previously, automation was implied as supervisory devices and appliances via internet networks. Nevertheless, with the presentation of smart home technology such as smart security, self-diagnosing devices, advanced self-health care, smart entertainment, and smart kitchen among other, automation system is being improved at every stage as the world is actively adopting advanced technology. This is anticipated to bolster the home automation market growth during the forecast period.
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.
Segmentation:
On the basis of network technology, the market is classified into wired, wireless, and power line-based. Wireless network technology is set to attain maximum revenue share along with speedy growth during the forecast period.
Based on components, the market is branched into products and services.
Geographically, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights:
North America to Hold Largest Market due to Integration of Advanced Technologies
North America held the majority of the home automation market share and is projected to emerge as a dominant region during the forecast period. The inclination of this region towards progressive technologies such as Artificial Intelligence (AI) and the internet of things coupled with bigger flexible income direct the demand for smart technologies.
Europe holds the second-largest share in the market and has lower market penetration as compared to North America. The region has perceived substantial growth in sturdy market players over the years.
Asia Pacific is projected to observe paced growth during the forecast period owing to rising investment in smart technologies.
List of Key Players Mentioned in the Report:
- ABB Ltd. (Zürich, Switzerland)
- Johnson Controls International plc (Cork, Ireland)
- Crestron Electronics (New Jersey, U.S.)
- Siemens AG (Munich, Germany)
- Control4 Corporation (Utah, U.S.)
- Schneider Electronics (Rueil-Malmaison, France)
- Koninklijke Philips N.V (Amsterdam, Netherlands)
- Legrand SA (Limoges, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Savant Systems LLC (Massachusetts, U.S.)
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Major Table of Contents:
- Global Home Automation Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Home Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Product
- Security and Safety
- HVAC
- Wellness Monitoring
- Smart Appliances
- Smart Entertainment
- Smart Lighting
- Others (Energy Management, etc.)
- Services
- Consulting
- Installation or Implementation
- Support and Maintenance
- Product
- By Network Technology (Value)
- Wired
- Wireless
- Power Line-Based)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- North America Home Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Product
- Security and Safety
- HVAC
- Wellness Monitoring
- Smart Appliances
- Smart Entertainment
- Smart Lighting
- Others (Energy Management, etc.)
- Services
- Consulting
- Installation or Implementation
- Support and Maintenance
- Product
- By Network Technology (Value)
- Wired
- Wireless
- Power Line-Based)
- By Country (Value)
- United States
- Canada
- By Component (Value)
- Global Home Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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