Increasing adoption of IoT to drive the growth of global home automation system market
According to TechSci Research report, “Global Home Automation System Market By Component (Software, Service, Solution), By Algorithm (Behavioral v/s Proactive), By Technology (Network Technology v/s Wireless Technology),By Type (Luxury, DIY, Managed, and Mainstream), By Application (Lighting Control, Security & Access Control, HVAC Control, Entertainment Control, Others), By Region, Forecast & Opportunities, 2025”, the global home automation system market is expected to witness significant growth during the forecast period on account of the increasing importance of home monitoring from remote locations. Additionally, home automation systems enable cost reduction measures thereby propelling the market across the globe. Furthermore, increasing smartphone users and number of internet users is anticipated to foster the growth of market during forecast period. However, high initial investments and lack of awareness pertaining to home automation system is expected to hamper the growth of market over the next few years. Additionally, risk of device malfunctioning can hinder the growth of market through 2025. Furthermore, unethical technological breaches might restrict the growth of market during the forecast years. Moreover, lack of skilled workforce is also a key challenge to be addressed in this market.
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The global home automation system market is segmented based on component, algorithm, technology, type, application, company and region. Based on technology, the market can be bifurcated into network technology and wireless technology. The wireless technology is expected to dominate the market owing to the rise in the adoption of wireless broadband in household electronic devices. Based on type, the market can be categorized into luxury, DIY, managed and mainstream. The luxury segment is expected to hold a significant market share during the forecast period. This can be ascribed to the increase in the adoption of luxury home automation especially in the developing economies, while the mainstream segment is expected to register significant growth during the next five years owing to the flourishing construction industry. Additionally, increase in demand for retrofit and renovated houses is further anticipated to drive the growth of this segment through 2025. Based on application, the market can be fragmented into lighting control, security & access control, HVAC control, entertainment control and others. The security & access control segment is expected to dominate the market during forecast period. This can be attributed to the rising privacy issues, growing crime rates and other security concerns, whereas the lighting control segment is expected to register significant growth during the forecast period since it reduces the electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. Moreover, growing environmental concerns have helped spread awareness regarding the importance of home automation and home energy management measures.
Honeywell International Inc., Legrand, Schneider Electric SE, Johnson Controls Inc., Siemens AG, Ingersoll-Rand PLC, ABB Ltd., Control4 Corp., Crestron Electronics, Inc., Leviton Manufacturing Company, Inc., Lutron Electronics, Savant Systems LLC., Zigbee alliance, AMX LLC (Harman), Tyco International Ltd., Nortek Inc., Acuity Brands, Inc., Samsung Electronics Co., Ltd., Nest Labs Inc., United Technologies Corporation and others are some of the leading players operating in global home automation system market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in September 2019, Control4 Corp. (US) launched Smart Home OS 3 software with Google Assistant voice control and expanded integration with third party doorbells. Also, in May 2019, Johnson Controls Inc. (US) partnered with Evoteq (UAE) to introduce an end-to-end integrated AI platform for smart building and districts by combining their capabilities.
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“Asia-Pacific is expected to witness significant growth in the home automation system market during the forecast period, owing to the booming construction industry in in the region. Additionally, presence of a significant number of new residential projects and the strengthening of building infrastructure are expected to create lucrative opportunities for the market players through 2025. Moreover, increasing investments by key players in the region is further anticipated to fuel the market until 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Home Automation System Market By Component (Software, Service, Solution), By Algorithm (Behavioral v/s Proactive), By Technology (Network Technology v/s Wireless Technology),By Type (Luxury, DIY, Managed, and Mainstream), By Application (Lighting Control, Security & Access Control, HVAC Control, Entertainment Control, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global home automation system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global home automation system market.
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