It will be able to gain the upper hand as they use the report as a powerful resource. Home Automation Market report divides the global Home Automation Market comprehensively and delivers the closest approach of the profits for the overall market and the sub-segments across different verticals and regions. This report helps stakeholders understand the pulse of the Home Automation Market and gives them with knowledge on key market drivers, limitations, challenges, and opportunities. Moreover, this report will help stakeholders to understand opponents better and gain more insights to better their position in their industries.
Home Automation Market Overview
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% from 2022-2028.
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.
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.
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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.
Changes in the affluent and elegant lifestyle, as well as a change in consumer focus from traditional houses to smart homes, are also expected to drive market expansion. Rising millennial house ownership and rising disposable income in industrialized nations are expected to fuel automated home demand.
During the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of home automation as well as their demand in the market, thereby restraining the growth of the home automation market.
The market is constrained by the high cost of automated houses and a lack of awareness in some emerging and underdeveloped countries. The high initial cost of home automation, as well as a lack of standardization and understanding of home automation equipment, are projected to limit the market growth.
The availability of modern healthcare goods and services is allowing people to live longer and enjoy better lives, particularly in industrialized countries such as the United States and Japan. Longer life expectancy has resulted in a significant increase in the elderly population, which has been exacerbated by decreased birth rates. According to the United Nations, there were 703 million individuals aged 65 and more globally in 2019; this figure is expected to rise to 1,549 million by 2050. The integration of home healthcare equipment with home automation systems, such as monitoring and diagnostic tools, simplifies caregiving for the elderly and disabled.
Also Check Report on IoT Medical Devices Market
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.
Regional Analysis
A huge consumer base and established manufacturers in the North American region are expected to make it the most significant regional segment over the projected period. The area has the greatest profit share and is anticipated to expand at a CAGR of over 9.7% between 2022 and 2028. Over the projected period, it is anticipated that North America, Europe, and Asia-Pacific regions will continue to be the major revenue-generating segments.
Due to macroeconomic factors, the Asia Pacific region is seeing a robust increase in disposable income, which is expected to fuel market expansion. The expanding senior population base and innovative technology, such as voice-controlled smart home devices, are the main factors fueling the need for home automation throughout the anticipated time. Asia-Pacific home automation market has reached USD 7.89 billion in 2021 and expected to reach USD 14.72 billion by 2028.
Europe's market is anticipated to show signs of worldwide growth throughout the projection period as a result of rising infrastructure investments aimed at raising living standards. The demand for HVAC systems and energy management has grown dramatically in the region. Home Automation market in Europe has reached USD 11.47 billion in 2021 and expected to reach USD 18.69 billion by 2028.
Home Automation Market Competitive Landscape
Key Players
• 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
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Home Automation Market 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.
Reasons to Acquire in the Home Automation Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Home Automation Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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