Selbyville, Delaware, May 31, 2023 (GLOBE NEWSWIRE) --
The smart home automation market valuation is projected to surpass USD 170 billion by 2032, as reported in a research study by Global Market Insights Inc.
Smart home devices and systems offer convenience, comfort, and increased energy efficiency. With the advancement of Internet of Things (IoT) technology, homeowners can control and automate various aspects of their homes, such as lighting, heating, security, and entertainment, through voice commands or smartphone applications.
The market has witnessed a surge in demand for smart speakers, thermostats, cameras, and smart lighting solutions. As consumers become more tech-savvy and seek integrated home solutions, the smart home automation market is poised for continued expansion and innovation.
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Based on product, smart home automation services have become increasingly popular as they offer homeowners seamless integration and control over their connected devices. These services provide comprehensive solutions that encompass various aspects of home automation, including security, energy management, entertainment, and convenience. With the advent of artificial intelligence and machine learning, smart home automation services are becoming more intelligent, adapting to user preferences and optimizing energy consumption. As the demand for smart homes continues to rise, these services are expected to play a pivotal role in shaping the future of residential automation.
In terms of technology, wired technology serves as a fundamental backbone for smart home automation systems, offering reliable and efficient connectivity. Ethernet cables and structured wiring solutions enable seamless communication between various smart devices, hubs, and controllers within the home network. Wired connections provide high-speed data transmission, minimizing latency and ensuring a stable connection.
Power-over-Ethernet (PoE) technology allows devices to receive power and data through a single Ethernet cable, reducing the need for separate power sources. Additionally, wired technology offers enhanced security as data remains within the physical boundaries of the home. While wireless solutions have gained popularity, wired technology continues to be a preferred option for its robustness, scalability, and consistent performance in smart home automation.
On the basis of fitment, new construction buildings are influencing the demand for smart home automation systems. Builders and developers are incorporating smart technologies right from the planning and design stage, seamlessly integrating devices and infrastructure into the construction process. These systems offer a wide range of benefits to homeowners, including increased convenience, energy efficiency, and enhanced security.
Builders can install pre-wired homes with structured cabling, enabling easy integration of smart devices and centralized control systems. Smart home automation in new constructions not only adds value and desirability to properties but also future-proofs them for technological advancements, meeting the growing demand for connected and intelligent living spaces.
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Geographically, the Asia Pacific region is experiencing rapid growth in the smart home automation market, driven by factors such as urbanization, rising disposable incomes, and the increasing adoption of IoT technology. Countries like China, Japan, and South Korea are at the forefront of this market, with a high demand for smart devices and systems. The region offers a vast consumer base and a favorable ecosystem for innovation and development. Smart home automation solutions cater to various needs, including security, energy management, and convenience, tailored to the unique preferences and requirements of Asian consumers. With ongoing technological advancements and increasing awareness, the Asia Pacific smart home automation market is poised for substantial expansion in the coming years.
The leading players in the global smart home automation industry are Honeywell International, Inc., ABB Ltd., Crestron Electronics, Inc., Siemens AG, Acuity Brands, Control4 Corporation, Samsung Electronics, Johnson Controls, Koninklijke Philips N.V, Legrand SA, Lutron Electronics Co., Inc., Resideo Technologies, Savanat Systems LLC, Leviton Manufacturing Company, Inc., Snap One, LLC., and Schneider Electric.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart home automation market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Product trends
2.5 Technology trends
2.6 Fitment trends
Chapter 3 Smart Home Automation Market Insights
3.1 Impact on COVID-19
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing demand for home security and monitoring systems
3.10.1.2 Rising awareness of energy efficiency and environmental concerns
3.10.1.3 Advancements in wireless technologies and IoT connectivity
3.10.1.4 Growing adoption of voice assistants and smart speakers
3.10.1.5 Availability of affordable retrofit smart home devices
3.10.2 Industry pitfalls & challenges
3.10.2.1 Concerns over data privacy and security
3.10.2.2 High initial costs associated with installation and configuration
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
