Wilmington, Delaware, United States, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The home automation market was estimated to have acquired US$ 58.06 billion in 2021. It is anticipated to register a 16.6% CAGR from 2022 to 2031, and by 2031, the market is likely to gain US$ 253.18 billion. An aging population drives the need for smart home solutions catering to the elderly. Technologies like fall detection, medication reminders, and easy-to-use interfaces offer tremendous potential to enhance the quality of life for seniors while providing peace of mind for their caregivers.
Do-it-yourself (DIY) home automation kits are gaining popularity, enabling homeowners to customize their systems according to their unique needs and preferences. This shift empowers consumers to have more control and creativity in their smart homes. Edge computing, which processes data closer to the source, is revolutionizing smart homes. It enables faster response times, enhanced privacy, and reduced reliance on cloud services, making it a game-changer for security and real-time applications.
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Integrating health and wellness monitoring into smart homes is a promising frontier. Smart devices can track vital signs, sleep patterns, and activity levels, contributing to proactive healthcare management and preventive measures. The real estate industry is beginning to embrace home automation as a selling point. Smart homes are becoming a sought-after feature, offering potential opportunities for developers and real estate professionals.
Key Findings of the Market Report
- Security cameras dominate the home automation market, offering advanced surveillance solutions for safety and security integrated with smart home systems.
- Wi-Fi is the dominating technology in the home automation market, offering widespread connectivity and versatility for smart home devices.
- Mainstream automation dominates the home automation market due to its broad appeal and affordability, making smart home technology accessible to many.
Market Trends for Home Automation
- Voice-controlled devices like Amazon's Alexa and Google Assistant are driving the trend for seamless voice-activated automation.
- There is an increasing focus on energy-saving solutions, with smart thermostats, lighting, and appliances, as homeowners prioritize sustainability.
- A surge in demand for advanced security systems, including smart cameras, locks, and alarms, to bolster home safety.
- Integrating Artificial Intelligence and the Internet of Things is becoming more prevalent, offering smarter, more intuitive automation.
- Customization is vital, with homeowners seeking personalized automation setups tailored to their lifestyles and preferences.
Global Market for Home Automation: Regional Outlook
- The global home automation market exhibits a diverse regional outlook, with North America, Europe, and Asia Pacific leading. North America holds a significant share, driven by a tech-savvy population, robust infrastructure, and a penchant for smart living.
- Europe follows closely, strongly emphasizing eco-friendly and energy-efficient automation solutions, aligning with the region's sustainability goals.
- In contrast, Asia Pacific is experiencing rapid growth due to a rising middle-class population, urbanization, and increasing disposable income, making smart homes more accessible.
- These regions collectively form a dynamic landscape for home automation, each offering unique perspectives on technology, sustainability, and lifestyle enhancement.
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Global Home Automation Market: Key Players
The global home automation market boasts a competitive innovation landscape and diverse offerings. Established industry giants like Google, Amazon, and Apple remain influential players, dominating the market with their smart home ecosystems.
Numerous startups contribute fresh ideas, promoting creativity and dynamism in the industry. This competition drives continuous advancement, fostering numerous smart devices and integrated systems. Interoperability and standardization remain crucial, enhancing user experience and expanding consumer adoption.
As the demand for home automation escalates, competition intensifies, benefiting end-users with more options and superior smart solutions for a connected and convenient living experience. The following companies are well-known participants in the global home automation market:
- ABB Ltd.
- Crestron Electronics, Inc.
- HARMAN
- Honeywell International Inc.
- Johnson Controls International
- Legrand SA
- Lutron Electronics Co. Inc.
- Nice North America LLC
- SAMSUNG
- Savant Systems Inc.
- Schneider Electric SE
- Siemens AG
- Snap One, LLC
Product Portfolio
- ABB Ltd is a global technology leader specializing in electrification, automation, and digitalization solutions. Their product portfolio includes cutting-edge technologies for power and automation, serving diverse industries with innovation and sustainability.
- Crestron Electronics Inc. offers comprehensive control and automation solutions for residential, commercial, and educational spaces. Their product range encompasses smart home and building automation systems, audio-visual solutions, and unified communication technologies.
- HARMAN is a leader in connected car technology, audio, and services. Their product portfolio includes audio and infotainment systems, connected car solutions, and services for automakers, consumers, and enterprises worldwide.
Global Home Automation Market Segmentation
Component
- Safety and Security
- Hardware
- Security Cameras
- Monitors
- Fire Extinguishers
- Others (Doorbells, Water Leak & Freeze Detector, etc.)
- Software
- Services
- Hardware
- Access Control
- Biometric Access Control
- Facial Recognition
- Iris Recognition
- Fingerprint Recognition
- Others (Hand Geometry Biometrics, Retina Pattern, etc.)
- Non Biometric Access Control
- Biometric Access Control
- Lighting System
- Drivers & Ballasts
- Relays
- Sensors
- Dimmers
- Switches
- Others (Accessories)
- Entertainment System
- Home Theater Systems
- Audio Video Control Systems
- Others
- Heating Ventilation and Air Conditioning (HVAC)
- Actuators
- Sensors and Transducers
- Thermostats
- Ducted Split Systems
- Humidifiers
- UV Air Purifiers
- Others (Energy Meter, Control Valve, etc.)
- Others (Smoke Detector, Smart Plugs, etc.)
Technology
- Wired
- Power Line Communication (PLC)
- Ethernet
- Fiber Optics
- Wireless
- ZigBee
- Wi-Fi
- Bluetooth
- Others
Type
- Luxury
- Mainstream
- DIY
- Managed
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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