Rapid Development of Smartphone-Controlled Applications to Provide Growth Opportunities for Home Automation Market During 2017–2025
According to our latest market study on "Home Automation Market Forecast to 2028 – Global Analysis – by Product, Networking, and Geography," the market is expected to grow from US$ 40.10 billion in 2017 to reach US$ 113.82 billion by 2025; it is anticipated to grow at a CAGR of 13.93% from 2017 to 2025.
A high rate of technology adoption is fueling the worldwide home automation industry. Due to the rapid growth of smartphone-controlled applications, the home automation market is gaining popularity. The expansion of the market is fueled by an increase in smartphone-controlled applications that allow users to monitor household appliances from afar. Increased government initiatives to build smart homes worldwide are fueling the home automation market. Alarm.com, a technology business based in the US, surveyed 1,000 American households. The poll found that about 48% of respondents were enthusiastic about smart-home solutions, while 59% were perplexed by the broad range of solutions available in the home automation market. The survey respondents prioritized the security and comfort that intelligent homes would provide, with energy savings coming in second. These factors are propelling the home automation market growth.
The usage of home automation by differently-abled individuals, who are more likely to be exposed to challenges of daily living than other people, is projected to provide significant impetus to the worldwide home automation market. While persons with Alzheimer's disease sometime fail to close the main door, a deaf person cannot hear the doorbell, and a blind person has a tough time finding their way to the door. Home automation systems benefit these individuals, consequently enhancing their quality of life. Smart homes provide them with a safe atmosphere and a sense of security. The user can also control a variety of features with home automation solutions. People can be alerted by remote monitoring if there is a threat. These factors are driving the growth of the home automation market.
Telecommunication firms have entered the home security sector after acquiring a significant domestic customer base through existing internet and cable subscriptions. Home automation manufacturers can accurately target changes with shifting demographics and technical improvements with the help of subscription services given by communications carriers. In addition, insurance firms provide substantial discounts to homeowners who have access control and security systems installed in their residential complex. These reductions help clients save money on their home insurance premiums and cover the cost of installing home security systems in their homes. Installing safety monitoring and security devices in houses can cut a homeowner's insurance by up to 20%, according to SafeWise (US), an independent evaluation group for testing and reviewing home security systems. The investments by telecommunications firms will further augment the home automation market growth.
According to a United Nations report from 2018, Asia and Africa would account for over 90% of population growth by 2050. Furthermore, by 2025, 600 big cities worldwide, particularly in Central Asia and Africa, are expected to see increased urbanization and industrialization. With the growth of smart cities, emerging countries also see growing urbanization. The concentration of housing construction in emerging countries has resulted in an increasing demand for enhanced housing infrastructure. Home automation systems would eventually be installed in newly developed, modern housing buildings. Thus, the expansion of housing infrastructure would increase the demand for smart HVAC controls, smart lighting, and smart locks, particularly in technologically advanced countries such as India, China, and Brazil. This will propel the home automation market growth.
The home automation market is segmented and analyzed on the basis of product and networking. Based on product, the market is further segmented into entertainment centers, security & access control, lighting control, climate control, and outdoor automation system. On the basis of networking, the home automation market is segmented into wired, wireless, and power-line.
Home Automation Market — by Geography, 2020
Home Automation Market Size, Growth and Strategy Analysis 2025
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Home Automation Market Forecast to 2025 – Global Analysis – by Product (Entertainment Centers, Security & Access Control, Lighting Control, Climate Control, and Outdoor Automation System) and Networking (Wired, Wireless, and Power-Line)
Home Automation Market Size, Growth and Strategy Analysis 2025
Download Free SampleHome Automation Market Forecast to 2025 – Global Analysis – by Product (Entertainment Centers, Security & Access Control, Lighting Control, Climate Control, and Outdoor Automation System) and Networking (Wired, Wireless, and Power-Line)
Johnson Controls International Plc.; Siemens AG; Legrand; Schneider Electric SE; Honeywell International Inc.; Control4 Corporation; ABB Ltd.; Crestron Electronics Inc.; Leviton Manufacturing Company, Inc.; Lutron Electronics Co., Inc.; and Ingersoll-Rand Plc. are among the key players profiled during the study of the home automation market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
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