Home Automation Market Size, Share, Development and Forecast by 2023

Home automation market is estimated to depict a significant growth during the forecast period, owing to the factors such as increase in energy costs, government regulations towards effective utilization and managing electricity consumption, and technological advancements. With the advent of various wireless technologies such as ZigBee, Z-wave, and Bluetooth, installation of home automation systems has been simplified. Advancements in technologies and improved connectivity solutions have increased the adoption of home automation systems globally, which is expected the fuel the home automation market growth.

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Consumers are shifting from traditional & mechanical locks to automated security systems & smart locks due to an increase in awareness related to secure home solutions and growth in trend for IoT. Rise in household automation is expected to provide significant opportunities for the global home automation market growth. Companies are introducing products that are compatible with different standards of wireless connectivity, owing to increase in adoption of wireless technologies. Control Scope, a product from Daintree Networks, offers centralized control for lighting management, which results in a reduction of up to 70% in lighting costs. This is anticipated to improve the occupant’s comfort and enhance the visibility in building operations.

Global Home Automation Market was valued at $39,607 million in 2016, and is projected to reach at $81,645 million by 2023, growing at a CAGR of 11.2% from 2017 to 2023. Home automation is utilization of intelligent terminals, which is automation system to control home appliances and equipment. Increase in awareness for efficient energy usage, rise in electricity prices, and technological advancements are expected to drive the home automation market growth. Moreover, increase in safety & security concerns fueled the adoption of home automation system, thus boosting the market growth.

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Increase In Awareness Among Consumers

The home & building owners are becoming more aware of effectiveness of automated controls in their premises.
Intelligent lighting controls, automated HVAC controls, and security systems provide efficient utilization of home controls with reduced consumption of electricity. Buildings owners are focusing on green initiatives to minimize the overall CO2 emissions. The increasing awareness is one of the important factors that boost the adoption of automated controls globally.

Key Benefits

This study provides an in-depth analysis of the global home automation market along with current trends and future estimations to identify potential investment pockets for stakeholders.
It presents information related to key drivers, restraints, and opportunities along with their impact analysis.
Porter’s Five Forces analytical model illustrates the competitiveness of the market by analyzing various parameters, such as threat of new entrants, threat of substitutes, strength of the buyers, strength of the suppliers, and the degree of competition.
A quantitative analysis of the current market and estimations from 2016 to 2023 is provided to highlight the financial competency of the market.

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The Key Market Players in the Report are as Follows:

Crestron Electronics Inc.
AMX LLC (Harman)
Control4 Corporation
Honeywell International Inc.
Johnson Controls Inc.
Siemens AG
Zigbee alliance
Vantage Controls (Legrand)
Savant Systems LLC.
ABB

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