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Home Automation Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023
Increase in awareness for efficient energy usage, rise in electricity prices, and technological advancements are expected to drive the market growth. Moreover, rise in safety & security concerns has fueled the adoption of home automation systems, thus boosting the market growth. However, lack of awareness about home automation products and high initial investments in home automation are expected to hamper the market growth. Increase in adoption of automated services is expected to provide lucrative opportunities for the global home automation market.
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In 2016, the safety & and security segment accounted for the maximum revenue share in the overall home automation industry, as these systems allow users to monitor their homes from remote locations. Moreover, the entertainment segment in the home automation market is expected to grow at a CAGR of 11.5% during the forecast period.
Rise in smartphone-controlled applications that can remotely monitor home appliances, surge in concerns regarding safety and security of a 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 the market growth. On the contrary, the rise in awareness for efficient energy usage among consumers, increasing urbanization, and a rise in inclination toward automation are expected to create lucrative opportunities in the coming years.
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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.
The report presents in-depth insights into each of the leading Home Automation end user verticals along with annual forecasts to 2026. The report provides revenue forecast with sales, and sales growth rate of the global Home Automation market. The forecasts are also provided with respect to the product, application, and regional segments of the market. The forecasts are issued to understand the future outlook and prospects of the industry.
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The market is evaluated based on its regional penetration, explaining the performance of the market in each regional market covering provinces such as North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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