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Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Smart Home Automation Market is segmented basis of technology, type, application and region & country level. On the basis of type, the smart home automation market is divided into luxury, DIY, managed and mainstream. On the basis of technology, the market is segmented into wired and wireless. On the basis of application, the market is segmented into lighting, safety & security, HVAC, entertainment and others.
Smart Home Automation Market is valued at USD 74.87 Billion in 2018 and expected to reach USD 163.46 Billion by 2025 with CAGR of 11.8% over the forecast period.
Market Analysis of Smart Home Automation-
Smart home automation is a part of IOT, in which the devices and appliances of home can be networked together to provide control overall aspect of the home. Recent technological developments of interconnected world at the touch of finger or simple voice command to Alexa, Google Assistant, Siri, and Cortana are the product version of smart home technology. With smart home automation, consumers can dictate how a device should react and when it should react. Customer can schedule to determine when the device should turn on and off. The customer can control time, money, and convenience according to the preference. The smart home automation technology can send alerts to smart phone of any unforeseen events that take place in customer's absence. Smart home automation market is witnessing a significant growth as it is easy for the customers to control their devices through their home automation app by smartphones.
The regions covered in this Global Smart Home Automation Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of smart home automation is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for global smart home automation market are, ABB Ltd., AMX LLC. (Harman), Control4 Corporation, Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls Inc., Savant Systems LLC., Siemens AG, Vantage Controls (Legrand), and Zigbee Alliance and others.
The Increasing Awareness and Rapid Adoption of Smart Home Devices are Driving the Global Smart Home Automation Market.
Smart home automation market is rapidly growing due to its usefulness, advantages, automation frenzy and safety that it provides to the customers. Increasing use of smart phones also supplementing the smart home automation market growth as it is one of the main gadgets that helps in implementing the smart home technology. For example, over 1.5 million people have apple watch, through which customers control smart home products. In addition, growing awareness about smart home technology owing to the initiatives taken by the market players on educating the customers, such as advertisements and videos provided by Amazon, Google etc. is also fostering the market growth.
Previously smart home automation offered by small companies providing individual products and services, but recently many of these companies are operating under big companies. This trend in turn helped the integration and communication among home devices and made them easily accessible and affordable. Due to its various applications and people’s orientation towards adopting technology, it is now somewhat common in urban homes to have one or two smart devices. Just as mobile banking and other technology-oriented services became easier with time, smart home is also gaining trust and confidence among consumers which is augmenting the smart home automation market growth. According to a study, after purchasing one product, 70% of customers are buying another product, which shows the increasing adoption of the product. Due to gradual technological development, companies are now providing more integrated products with systems and networks which is also propelling the market growth. Smart home automation suffers from platform fragmentation and lack of technical standards which may hamper the market growth.
North America is Expected to Dominate the Global Smart Home Automation Market
North America is dominating the global smart home automation market due to the promotional activities, high rate of adoption and awareness of technological improvement in this region. In addition, presence of leading players including Honeywell International Inc., Acuity Brands, Inc., Johnson Controls Inc., United Technologies Corporation and Crestron Electronics, Inc. etc. in this region is also supplementing the market growth with their innovative products and promotions. The fact that more than one-third of US consumers have two or more smart home devices shows the expansion of smart home automation market in North America.
Asia Pacific is the second dominating market for smart home automation due to the growing disposable income, innovative technologies and increasing awareness of technology in this region. South Korea is leading the market in Asia Pacific followed by Japan and China. In case of Europe, the market is expected to grow steadily due to increasing investments in improving standard of living, increasing demand for HVAC and energy management.
Key Benefits for Market Report–
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
Market Segmentation: –
- Safety & Security
By Regional & Country Analysis:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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Smart Home Automation Market Size 2020: How Top Leading Companies Can Make This Smart Strategy Work 2025
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