Home Automation Market Size Worth USD 120.46 Billion in 2032 | Emergen Research

Vancouver, Dec. 27, 2023 (GLOBE NEWSWIRE) -- The global home automation market size was USD 48.00 Billion in 2022 and is expected to register a steady revenue CAGR of 9.7% during the forecast period, according to latest analysis by Emergen Research. Rising demand for security and safety among individuals is a key factor driving market revenue growth. Home automation enables the development of a security network based on prevention and detection that protects people and their property. One of the most significant advantages of home automation is their ability to lock the door using phone and notify each time someone enters the home. Users have a much easier time managing their home alarm with touchscreen controls and an intuitive interface. 

In addition, increasing number of people interested in owning a smart house due to advancements in home automation technologies is another key factor driving revenue growth of the market. Security cameras, smart locks, and video doorbells notify occupants when someone enters or approaches their home, which also collect evidence to document any illegal or criminal activities in or around the property. However, high cost of home automation systems is a key factor, which could restrain market revenue growth. Smart devices and systems are not cheap and the costs can rapidly add up if people want to fully automate the house. If there is a power outage or a problem with Internet connectivity, home automation systems are unable to manage smart devices until the problem is repaired, which could also restrain market revenue growth.

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Scope of Research

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Major Companies and Competitive Landscape

The global home automation market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective automation systems in the market.
Some major players included in the global home automation market report are:

• Google
• Amazon.com, Inc.
• Apple Inc.
• SAMSUNG
• Koninklijke Philips N.V.
•  Logitech
• Honeywell International Inc.
• ADT
• ecobee
•  August Home
•   Lutron Electronics Co., Inc.
• Crestron Electronics, Inc.
•  Snap One, LLC.
•  Sonos, Inc.
• Belkin
• Vivint, Inc.
• Schneider Electric
• Leviton Manufacturing Co., Inc.
• Xiaomi
• Insteon

Strategic Development

• On 6 January 2023, Shelly, a division of Allterco Robotics, Ltd., announced the debut of eight new smart home automation devices at the Consumer Electronics Show (CES). Shelly, one of the world's fastest growing IoT companies, launched advanced capabilities to their newest devices while staying true to the brand's fundamental features of cost, interoperability, accessibility, energy efficiency, and ease of installation. Shelly's eight new devices include smart home automation solutions in the Shelly Pro and Plus series, which offer unique and sophisticated capabilities for both professional installations and Do-It-Yourself (DIY) homeowners.

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Some Key Highlights from the Report

• The product segment accounted for largest revenue share in the global home automation market in 2022. This is due to rising demand for smart lighting since it allows the use of motion sensors in any room that has either a smart light switch or a smart light bulb installed. When a room is empty, individual can order the bulbs to turn off and only come back on when motion is sensed in the room. Smart lighting also benefits those with mobility challenges, those who live in a home with noisy, creaky stairs, and light sleepers. In addition, individuals can even control the brightness, intensity, and hue (with colored Light Emitting Diode (LED) smart bulbs) from the device with some bulbs, hence driving revenue growth of this segment.
• The smart Heating, Ventilation, and Air Conditioning (HVAC) segment is expected to register steadily fast revenue growth rate in the global home automation market during the forecast period. This is due to increasing need for smart HVAC systems as these can regulate building temperatures to maintain the ideal feel for maximum comfort. For instance, smart thermostats can manage and maintain a room's temperature based on pre-programmed preferences or sensor readings. In addition, smart HVAC systems' rapid responses and ability to automatically adjust a room's temperature make it more energy-efficient, resulting in a more sustainable living environment. Smart HVAC sensors can detect air pollution specifics, such as carbon monoxide emissions, and swiftly evacuate the air or inform residents before it has a negative influence on human health. Moreover, air quality regulation also reduces the risk of viral illnesses, hence driving revenue growth of this segment.
• On 25 February 2022, One Switch, an Andhra Pradesh-based smart home automation company, announced the availability of franchising opportunities to expand its smart home automation services, to provide the finest quality smart home goods and services to buyers across India. The way people control their household appliances has changed since development of smart home automation services. Eco-friendly solutions given by smart home automation firms, such as One Switch, including automatic water tank sensors and motion sensors, have helped to reduce electricity expenses and improve the entire home environment.

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Emergen Research has segmented the global home automation market on the basis of component, technology, application, software & algorithm, and region:

• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Product
    • Smart Lighting
    • Smart Heating, Ventilation, and Air Conditioning (HVAC)
    • Smart Security Systems
    • Smart Appliances
    • Smart Entertainment Systems
    • Smart Home Hubs
    • Smart Sensors
  • Services
    • Consulting
    • Installation
    • Support and Maintenance
• Technology Outlook (Revenue, USD Billion; 2019–2032)
  • Wired Systems
  • Wireless Systems
  • Communication Protocols
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Residential
  • Commercial
  • Industrial
• Software & Algorithm Outlook (Revenue, USD Billion; 2019–2032)
  • Behavioral

Proactive

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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