Home Automation Market: Attractive Market Opportunities with Top Key Players- ABB, Siemens AG, AMX LLC (Harman), Control4 Corporation, Zigbee alliance, Honeywell International Inc. and more
Allied Market Research recently published a report, titled, “Home Automation Market by Application (Lighting, Safety & Security, HVAC, Entertainment, and Others), Type (Luxury, DIY, Managed, and Mainstream), and Technology (Wired and Wireless): Global Opportunity Analysis and Industry Forecast, 2017–2023”. As per the report, the global home automation market accounted for $43.09 billion in 2017 and is expected to garner $81.65 billion by 2023, growing at a CAGR of 11.2% during the period 2018–2023.
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Rise in smartphone-controlled applications that can remotely monitor home appliances, surge in concerns regarding safety and security of house, increase in government initiatives as home automation system, and rapid technological advancements in the connective technologies are the major drivers of the global home automation market. However, high installation cost and lack of awareness regarding home automation hinder market growth. On the contrary, rise in awareness for efficient energy usage among consumers, increasing urbanization, and rise in inclination toward automation are expected to create lucrative opportunities in the coming years.
The market is divided on the basis of application, type, technology, and geography. Based on application, the market is segmented into lighting, safety & security, HVAC, entertainment, and others. The safety & and security segment held the largest share, as these systems enable users to monitor their homes from remote locations. However, the entertainment segment is projected to portray the fastest CAGR of 11.5% during the forecast period.
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On the basis of type, the market is divided into luxury, DIY, managed, and mainstream. The luxury segment contributed the largest share, holding more than half of the total market, owing to increase in adoption of luxury home automation due to rise in disposable income in developing economies. However, the mainstream segment is projected to manifest the fastest growth, growing at a CAGR of 13.4% during the study period, owing to increase in construction activities in the developing countries and rise in demand for retrofit and renovated houses.
Based on technology, the market is bifurcated into wired and wireless. The wireless technology is projected to manifest the fastest CAGR of 11.6% through 2023. Moreover, the segment held the largest share in 2017, contributing nearly two-fifths of the total market, owing to rise in adoption of wireless broadband in household electronic devices.
On the basis of geography, the market is divided into North America, LAMEA, Asia-Pacific, and Europe. The report includes an in-depth analysis of the major market players such as Crestron Electronics Inc., Johnson Controls, Control4 Corporation, Zigbee Alliance, AMX LLC (Harman), Savant Systems LLC., Honeywell International Inc., Vantage Controls (Legrand), Siemens AG, and ABB.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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