The Global Home Automation Market size is projected to reach USD 78.4 billion in 2028 from USD 52.9 billion growing at a CAGR of 16.39% and forecast to 2028.
Home automation is utilization of intelligent terminals to control home appliances and equipment. It includes but is not limited to centralized control of lighting, security checks/locks for home access, HVAC control, and others. Home automation is also known as smart home automation, which is an automation system, which offers access to control appliances and devices such as lights, fan, alarm system, heating & cooling systems, and electrical outlets with a smartphone.
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Smart home automation market growth is driven by the benefits it provides to end-users, including lower energy consumption, theft protection, and protection against illegal access to the home. Smart home automation solutions are becoming increasingly popular in the residential and hotel sectors for protecting personal and commercial assets like buildings, hardware infrastructures, personal possessions, and so on.
Home automation is becoming smarter with the development of smart technologies such as self-diagnosing gadgets, smart security, smart entertainment, sophisticated self-health care, and smart kitchens, among others. On analysis of the global home automation market report, we find that the growing usage of Internet of Things technology is likely to increase the size of the smart home automation market.
The home automation market is being pushed by an increase in demand for energy-efficient solutions, a significant development in the IoT market, comfort and simplicity of use, technical improvements, an increase in smartphone users, and an increase in security concerns. Furthermore, prominent market competitors are focusing on providing new solutions to increase the efficiency and convenience of home management. Increased acceptance of automated services and government incentives for green efforts are favorable for the growth of the home automation industry.
Key Players of Home Automation Market
· ABB
· ADT
· Creston Electronics, Inc.
· Honeywell International Inc.
· Ingresoll Rand
· Johnson Controls
· Larsen & Toubro Ltd.
· Legrand
· Samsung Electronics Co., Ltd.
· Schneider Electric
· Universal Electronics Inc.
· Vivint and More
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AI speech technology, in particular, has struck a chord with baby boomers and the elderly. 8.2 million baby boomers using smart speakers in 2018 amounts to 11.3% of all baby boomers. AI assistants with voice commands, such as Alexa from Amazon (US) and Google Home from Google (US), make life easier for the elderly. One significant advantage of such AI voice assistants is that they allow hands-free operation, reducing the usage of small mobile phone screens, which are sometimes difficult for the elderly. As a result, home automation gadgets operated by AI voice assistance are growing more popular among the elderly.
Customers are becoming more aware of the benefits of home automation systems; yet, they are hesitant to spend because the ROI can take a year or more, even for simple devices like lighting or temperature control. Expensive hardware and high ownership costs have limited the adoption of home automation systems, particularly centralized smart home automation. Most buyers of home automation systems cannot afford a centralized hub that can operate several smart home devices. A single room EA-1 controller from Control4 (US), for example, costs approximately USD 1,500 for a home theatre; a controller for audio streaming for 6-8 rooms can cost over USD 20,000 or more.
Recent Developments:
January 2018-Interlogix, a part of United Technologies announced new feature and new components of its UltraSync Smart Home system that provides homeowners with improved homer security and automation solutions.
August 2020-ADT Inc. announced a long-term partnership with google LLC to offer smart home security solutions cross the United States. Moreover, google has invested USD 450 million in ADT Inc. in order to boost home security solution.
The New PowerView Gen 3 Gateway and Remote Control from UEI and Hunter Douglas is now available. The new method has been totally redesigned to make automatic shading easier, more reliable, more scalable.
Interior design firm Frenchcalifornia has teamed with Google to present its Nest smart-home gadgets in a series of showcase apartment interiors at Selene, Foster + Partners' 63-story residential tower in New York.
Vivint Has Emerged As The Biggest Smart Home Player. Vivint was valued at over $2 billion in late 2012, and it hit $650 million in revenue in 2015.
Home Automation Market is segmented into application, technology, end user and region.
On the basis of Application
· Lighting
· safety & security
· HVAC
· Entertainment
· Others
On the basis of Technology
· Wired
· Wireless
· On the basis of End User
· Residential
· Commercial
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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