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Home Automation Market - Increased Penetration of Smart Devices Boosts System Sales
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The global home automation market is segmented on the basis of type, application, networking technology and region. Depending on applications, the market consists of five segments, viz. energy management, HVAC (heating, ventilation, and air-conditioning), lighting, safety and security, and entertainment. Of these, the rising need for remote home monitoring activities has made safety and security experience maximum demand, consequently attracting a handsome revenue.
Region-wise, the global home automation market is spread across North America, Asia Pacific, Europe, and the Rest of the World. Continued technological progress and higher adoption of home automation in North America has made this region grab a lion’s share in the global home automation market. Trailing closely is Europe which is also showcasing a significant growth due to high disposable income and preference for automation by people residing in the region.
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The global home automation market is primarily boosted by rising demand for efficient automation solutions for running scores of domestic applications. This includes better illumination, energy management safety and security, heating, ventilation, and entertainment, among many others applications. An overall requirement for living comfortably and a need to maintain a sophisticated lifestyle especially in developing economies has majorly triggered the demand for efficient automation systems.
Higher penetration of Internet among the masses has led to a provision of smooth connectivity, thus bringing the world closer in terms of automation. Such an extensive use of Internet also has led towards growing implementation of home automation systems. Home automation also provides numerous benefits, chief of which is saving time. This factor is highly important from the perspective of fast-paced lives and busy schedules experienced by almost every working person from urbanized region. By remotely controlling processes in homes, crucial time saving is possible with the help of home automation systems. This factor is expected to be a prime driver in future when the number of automation-based processes could increase.
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However, the global home automation market is plagued by high prices ever since the inceptive stages of associate automation systems. This has a significant detrimental effect on the enthusiasm shown by potential customers from developing economies, where the rate of disposable income is not high as their western counterparts. Thus, high prices is a chief restraint affecting the overall growth of the global home automation market. However, increasing penetration of smart devices in almost all parts of the globe followed by extensive efforts by home automation manufacturers to market their products is expected to offset these hindrances.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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