Home Automation Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing importance and rising adoption of Internet of Things (IoT) in developing and developed nations, growing purchasing power of the people, rising investment in building infrastructure, growing dependence on technology, and government support are some of the key factors of this market.
Global Home Automation Market Size is valued at USD 57.17 Billion in 2020 and expected to reach USD 124.03 Billion by 2027 with a CAGR of 11.7% over the forecast period.
Home automation plays an important role in the modern era because of its efficiency in using it at various locations with high precision, saving money and time by reducing human hard work. It includes the control and computerization of lighting, heating, drying, aerating and cooling, security & also home machines, for example, washer or dryers, stoves, fridges/coolers. Home devices are an important component of the internet of things as they can be monitored and managed remotely through the Internet. As compared to traditional methods, the loss of power can be minimized, and the amount of manpower needed for home automation is very low. Home automation systems can be more effective and convenient to use. When using traditional wall switches to operate loads, it protects against electrical power short circuits. More security is provided by a home automation system that includes automatic door locking and security cameras.
As the COVID-19 prevails the initial period saw huge growth in both demand and supply side of the house automation system market owing to lockdown due to which people have been forced to spend more time in their homes. In many regions, the demand for home automation solutions has been increased extremely. People found it convenient to adopt touchless technologies like safety & security and lighting systems for avoiding touching of surfaces by them. Businesses also are collaborating to bring new solutions for meeting the increased demand to pandemic. Home automation system providers are that specialize in partnerships and collaborations to beat the COVID-19 outbreak.
Global home automation market is segmented on the basis of product type, end-user, and technology, region & country level. By product type, global home automation market has been segmented into lighting, security and safety, HVAC, entertainment. Lighting is sub segmented into relays and switches. On the basis of technology, the home automation market is bifurcated into wired, wireless technology and Power line. By end-user, the market is segmented into residential & commercial hospitality and others.
By Product Type
The regions covered in global home automation market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global home automation is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some of the key players for global 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, SAMSUNG, Havells India Ltd., Schneider Electric and others.
News: Zebronics Launched Smart PTZ Camera for Home Automation
February 29th, 2020; Zebronics launched a replacement home automation smart camera that comes with Wi-Fi, pan, tilt, digital zoom, and AI features. According to the company, one can download the MIPC app available on the Play Store or App Store. It helps to line up home automation camera with ease and comes in conjunction with features like changing the purpose of view, fixing the alarm, motion tracking and more. The camera comes with connectivity for LAN/Wi-Fi/Hotspot and features a microSD card slot that supports up to 512 GB of storage for capturing/recording your data. The camera comes with a singular feature called motion detection just in case of any movement it'd raise the alarm and send a notification to the users phone so as that one can have a quick monitor/scan of their home. These home automation camera can also double as a baby monitor camera since it comes with a 350-degree rotating feature which can pan, 100-degree tilt and digital zoom at the thing remotely through the smartphone app.
The major factors driving the growth of the house automation market is increasing adoption of automated services, and rising number of government support for green initiatives. In addition, increasing importance and rising adoption of Internet of Things (IoT) in developing and developed nations is lao supplementing the demand for home automation products. Trendy homes are automated through the online and thus the house appliances are controlled. The home automation market is beginning as IoT device prices come down and thus the overall public involves understand the benefits of these products. The market is also driven by the increasing demand for energy efficient solutions and rising security concerns. The ‘home automation’ concept has undergone a big shift. Just few of years ago, homes automation continued expensive and appealed only to early adopters of a high net value. However, as technology moves ahead and smart products become affordable, there's a growing interest among general consumers also. Factors such as growing employment opportunities, steady economic development, easy availability of housing finance, increasing urbanization, rising standards of living, and increased consumer spending on lifestyle products, are also fostering the expansion of home automation market.
However, high cost of these products may hamper the market growth. In spite of that, growing technological advancements in this field may create more opportunities for its further growth.
On the basis of region, the global home automation market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global home automation market within the forecast period due to the early adoption of advanced technology, increasing number of product offerings, high disposable income of consumers and high investment by key players in this region. The United States is a very developed consumer society. GDP based on PPP of United States of America increased from 10,581.83 billion international dollars in 2001 to 20,807.27 billion international dollars in 2020 growing at an average annual rate of 3.65%.
Asia Pacific is anticipated to grow at a faster pace due to its developing economies. Countries in Asia Pacific continue to make progress towards becoming fully fledged digital societies, helped by the rapid expansion of connectivity and the creation of innovative digital plat forms and services.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 57.17 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 124.03 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||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, SAMSUNG, Havells India Ltd., Schneider Electric and others|
|Segments Covered||By End-User, By Technology, By Product Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa