The home automation market is expected to grow from US$ 40.10 Bn in 2017 to US$ 113.82 Bn by 2025 at a CAGR of 13.93% between 2017 and 2025.
Home Automation market is described as a range of on-premises or cloud-based capabilities that enable a house control its various operations such as in-door temperature, lights, entertainment units and security controls with the help of devices, such as smartphone, tablets and sensor remote controls. The concept of home automation has been in existence since long, however, lately, due to the suitable confluence of vital market, strategic, regulatory and technology trends, the home automation market is expected to witness a new phase in Home Automation market growth trend.
Key trend which will predominantly effect the Home Automation market market in coming year is that a majority of people are projected to get access to a massive count of home automation devices in almost every aspect of their lifestyle. Owing to the globe is anticipated to witness voice command technology in almost every device. Presently, the voice command technology is only present in limited devices and one of them is smart phones. Moreover, this technology is also expected to eclipse over the remote control technology. In coming years the majority would be able to witness combination of sensor products, unlike the connected sensors utilized by Febreze Home.
The global home automation market by products is fragmented into Entertainment Centers, Security & Access Control, Lighting Control, Climate Control and Outdoor Automation System. The Home Automation market segmentation is based upon the various home automation products to improve efficiency and security. Security & Access control in the Home Automation market have acquired the biggest share of almost one-third in 2016, followed by Climate Control, and Lighting Control. The Security & Access Control product segment is expected to acquire the largest share attributed to the rising criminal incidences as well as increasing young working population seeking to monitor elderly and children through video surveillance.
The overall Home Automation market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Home Automation market.
Some of the key players of home automation system market include
Schneider Electric SE
Honeywell International, Inc.
Crestron Electronics Inc.
Leviton Manufacturing Company, Inc.