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Global Home Automation Market to Exhibit 12.1% CAGR, Internet Penetration in Undeveloped Nations to Drive Market
Home Automation
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“Integration of lighting products with IoT based renewable sources of energy and cloud-based technology is expected to reduce the energy consumption. This in response would also generate demand for home automation product and services,” said a lead analyst at Fortune Business insights.
Increasing Adoption of Wireless Technology to Fuel Demand in Global Market
Increasing internet penetration and rising willingness for luxurious lifestyle are major factors anticipated to drive the global home automation market during the forecast period 2018-2025. Moreover, increasing purchasing power and adoption of wireless technology is expected to increase the demand in the global home automation market.
Integration of the Internet of Things in home automation products, besides the Artificial Intelligence is also projected to boost the global home automation market.However, high cost associated with home automation products and services and high data prices are a few factors that may restrain the global home automation market during the forecast period.
North America to Retain Dominance Through Forecast Period. North America emerged dominant in the global home automation market in 2017. The market in North America was valued at US5 16.4 Bn in 2017. It is expected to remain the leading region through the forecast period. The growth witnessed is attributable to the increasing number of mergers and partnerships taking place in the region. Additionally, high adoption of Internet of Thing in nations such as the U.S. and Canada is likely to increase the growth rate in the global home automation market. North America is also expected to expand at a relatively high CAGR in response to the increasing number of smart homes in nations such as Canada and U.S.
Honeywell Emerges Dominant in Global Market with its Advanced Control Strategies. Honeywell International Inc., emerged dominant in the global home automation market in 2017. The growth witnessed is due to advanced control strategies adopted by the organization. Honeywell is also known for investing and acquiring start-ups to offers its products in various nations. Besides this, other companies operating in the global home automation market are Crestron Electronics Inc., AMX LLC (Harman), Control4 Corporation, Johnson Controls Inc., Siemens AG, Savant Systems LLC., and ABB Ltd.
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