Home Automation Market Trends, Size, Strategy, Applications Analysis and Growth by Forecast to 2029
Home Automation Market Overview:
Home automation is a system that combines hardware and software to provide the user with control over the equipment and appliances contained within the walls of the home. It is made up of a network of hardware electronic communication interfaces. It is a type of building automation that is also referred to as a smart home or smart house. The devices are linked via the internet and can be controlled remotely using a smartphone or tablet.
In 2021, the home automation market was worth US$47.65 billion. Through the forecast period, the size of the global home automation market is anticipated to increase at a CAGR of 74.5%.
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Home Automation market Dynamics:
During that time, it is anticipated that the home automation market will grow significantly. The need is being driven by the rise in Internet of Things adoption in developing countries. Additionally, it is predicted that shifting consumer preferences and tastes as well as rising disposable income would encourage market expansion. It is also expected that changes in the opulent and elegant lifestyle and a shift in consumer focus from conventional homes to smart homes will foster market expansion. The market for home automation is also anticipated to grow as a result of rising consumer awareness of energy-efficient practises, a sharp increase in electricity prices, and technological advancement. A further factor that is anticipated to encourage the use of home automation systems and ultimately drive market growth is the rise in safety and security concerns.
With the rise in smartphone use, there is a greater demand for products that can be used with both Apple and Android devices. Due to how useful and easy to use these devices are, millennials and baby boomers have a greater desire for luxury home automation systems. Additionally, thanks to advancements in IoT and AI technology, any device can now be connected to the internet or via Bluetooth. Due to their convenience, these devices are easy to use for Generation Z and baby boomers. As a result, since the release of AI devices like Google Home, Alexa, and Siri, the demand for luxury home automation systems has increased. To turn on and off, for instance, a smart phone or an app can be used.
COVID-19 Impact on Home Automation market:
The data presented in this study on the Home Automation Market includes financial damages sustained because of COVID-19. It also explains how the market's most important corporate sectors are dealing with the outbreak and how they plan to recover.
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The Home Automation Market Segmentation:
According to Component, software is the market leader because it not only informs end users about energy consumption statistics but also instils in them a greater sense of responsibility for the actions that should be taken in response to the information obtained. Proactive solutions have an advantage over reactive ones because they can make decisions and act on behalf of end users. Due to the widespread use of proactive types of software and algorithms in home automation devices, it is anticipated that the proactive type of software and algorithm market segment will expand more quickly.
Key players:
- Schneider Electric Se
- Johnson Controls, Inc.
- Siemens AG
- AMX
- Ingersoll-Rand PLC
- Canary
- ABB Ltd.
- Control4 Corporation
- Crestron Electronics, Inc.
- Leviton Manufacturing Company, Inc.
- Lutron
- Elan home systems
- Fueblabs
- Harman International
- Vera
Regional Insights on Home Automation market:
Each regional Home Automation sector is thoroughly investigated to determine its current and future growth prospects. This aids players in bolstering their positions. To keep ahead of the competition, use market research to gain a better perspective and understanding of the market and target audience. The Home Automation report covers the five regions, and their country-wise distribution are:
North America - (U.S., Canada, and Mexico)
Europe - (U.K., Germany, France, Spain, Italy, Sweden, CIS Countries, and Rest of Europe)
Asia Pacific - (China, India, Japan, South Korea, Australia, ASEAN, and Rest of APAC)
Middle East & Africa - (South Africa, GCC Countries, Nigeria, Egypt, and Rest of ME&A)
South America - (Brazil, Argentina, Colombia, and Rest of South America)
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