Press release
Home Automation Market - High Adoption Rate of Advanced Technology Drives Growth
The global home automation market is expected to reach US$ 116.26 Bn by 2026, expanding at a CAGR of 6.8% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of above 7% through 2026. Safety and security application of home automation are anticipated to significantly drive the global home automation market across Asia Pacific and Central and South America.
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The global home automation market is broadly segmented by application, technology, and channel. Based on application, the market is segmented into safety and security system, lighting system, entertainment system, heating ventilation and air conditioning, and other controls. Safety and security system applications are further bifurcated into video surveillance, and access control.
Video surveillance is divided into hardware, software, and services, wherein Hardware is further bifurcated into security cameras, monitors and others. Access Control applications are bifurcated into biometric access control, and non-biometric access control. Biometric Access Control is classified into facial recognition, iris recognition, fingerprint recognition, and others.
Furthermore, lighting system applications is bifurcated into drivers & ballasts, relay, sensors, dimmers, switches, and others. The Entertainment System is further segmented into home theater systems, audio video control systems, and others.
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The Heating Ventilation and Air Conditioning application is divided into actuators, sensors and transducers, control valve, thermostats, energy meter, and others. Furthermore, the other controls applications is bifurcated into smart locks, smoke detectors, and smart plugs.
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