Publication Month: Oct 2017 | Report Code: TIPTE100000139 | No. of Pages: 190 | Category: Technology, Media and Telecommunications | Status: Published
Home automation provides high-end solutions and uses advanced digital technology to make the operation of a variety of household equipment more convenient. It improves efficiency and performance when automating the home or any domestic operations. Home automation entails the automatic control of all electrical gadgets in a home and the ability to control them remotely via a wireless connection. Consumers increasingly demand customization and professionally built systems that are at their convenience and relatively simple to operate. Furthermore, home automation systems provide centralized control of lighting, HVAC, audio/video systems, kitchen appliances, security systems, and other in-home devices.
Furthermore, home automation allows devices to trigger one another, eliminating the need to control them manually via an app or voice assistant. For example, individuals can schedule their lights to turn on/off or have their thermostats turn up the A/C before they return home from work. Home automation makes life easier and saves money on utility expenses such as heating, cooling, and electricity. Home automation can also lead to increased safety with the Internet of Things devices such as security cameras and systems. These factors are driving the home automation market growth.
Increased demand for energy-efficient solutions, significant growth in the IoT market, convenience and ease of use, technological advancements, increased smartphone users, and heightened security concerns are driving the home automation market. Due to the high cost of automated homes and a lack of awareness in some developing and underdeveloped regions. The growth of the home automation market is opportunistic due to an increase in the usage of automated services and government incentives for green initiatives. Furthermore, the need for energy-efficient solutions and an increase in demand for home safety and security are likely to drive the home automation market growth.
|Market Size Value in||US$ 40.10 billion in 2017|
|Market Size Value by||US$ 113.82 billion by 2025|
|Growth rate||CAGR of 13.93% from 2017 to 2025.|
|No. of Pages||190|
|No. of Charts & Figures||0|
|Historical data available||Yes|
|Segments covered||Product and Networking|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Owing to the rapidly increasing technological advancement globally, home automation is no longer a fiction. This is majorly because of the cash inflow in the market by the investors and service providers. The home automation market gained significant attention from the industries after major brands such as Honeywell and Vivint explored opportunities afforded by home automation and initiated noteworthy capitalization in the home automation market. However, now there are several brands in home automation market that have extensively applied their resources to briskly improvising home automation systems and also promote these systems to attract potential customers. For instance players such as Apple, Google, Nest Labs, AT & T (Digital Life), Amazon (Echo), Xfnity (Comcast), and Xiaomi are already marketing their products in the home automation market. This has further led to increase in production, making these systems more accessible and affordable to an average consumer.
Modern homes have a plethora of connected devices, such as smartphones, laptops, electronic door locks, thermostats, and entertainment units that demand for a robust and resilient networking infrastructure for their potential functioning. As the count for the IoT devices over the residential network increases, difficulty in functioning of these networks is also expected to increase. Due to the complicating network structure, users are anticipated to frequently experience certain issues such as latency in audio/video streaming and fluctuating signals. These factors propel the need for solutions that would help in uninterrupted functioning of connected devices, in turn propelling the home automation market growth.
The home automation market involves automatic monitoring and controlling of several home appliances and devices using different technologies and controllers through smartphones, tablets, desktops and laptops. Various home automation products are available in the market that manage household security and safety, reduce energy consumption, and offer entertainment options, with a range of customized options to fit different lifestyle and budget. This expanding home automation market provides a wide-range of home automation systems from varied manufacturers. The availability of wide variety of automation products is augmenting the home automation market growth.
The players operating in the home automation market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key home automation market players are listed below: