According to the new research report published by The Insight Partners, titled “Home automation Market–Global Analysis and Forecast to 2025”, the global home automation market is expected to reach US$ 113.82 Bn in 2025, registering a CAGR of 13.93% during the forecast period 2017-2025.
The market for home automation is gaining momentum in recent years attributed to higher simplicity and affordability through tablet and smartphone connectivity. However, several players in the market are operating with their proprietary technologies, as there is lack of standardization in the home automation market. It is difficult to estimate the return on investment due to numerous operating players and devices available are based on standard and proprietary technologies. Interoperability at device, application, and network is required to offer integrated solutions and to achieve economies of scale.
Furthermore, increasing proliferation of IoT technologies is also influencing the home automation market, owing to a range of affordable sensors available in the market that can be connected to the cloud. Also, the increased adoption of smart gadgets with AR and VR platforms is boosting the market growth as these gadgets are wearable and closely connected with the users. Thus, players in the value chain of home automation market are targeting such smart gadgets for assimilating their smart appliances. Home Automation Systems is an evolving market, with some recent development in industry related to design innovation provide some push for growth, growth in any specified year mainly depends on the adoption of any of the home automation systems in the existing or new residential developments.
The global market for home automation has been segmented by types, which includes Entertainment Centers, Security & Access Control, Lighting Control, Climate Control and Outdoor Automation System. Furthermore, the home automation market is segmented on the basis of networking. This includes wired, wireless and power-line home automation systems), and regions (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).
Key findings of the study:
North America and Europe dominated the home automation market in 2016 with more than 70% combined market share each and are expected to continue their dominance in the forecast period.
North America is anticipated to account the largest home automation market share and would register a CAGR of 11.65%.
The market in Asia Pacific has been witnessing significant growth due to increasing population, rising infrastructure demand, and increasing penetration of smartphones and tablets in the region. In the forecast period from 2017 to 2025, APAC is estimated to foresee a CAGR of more than 19.00%.
Asia Pacific region comprises of several developing economies such as China and India, as well as Southeast Asian countries. These developing nations are witnessing a huge growth in their GDP, resulting in increased per capita income of the people. The rise in per capita income of the population has led to rise in living standard and affordability. Furthermore, the advancements in internet infrastructure of the region is also fueling the growth of the market.
The key companies profiled in this report include 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.
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