Home Automation Market Outlook-2023 | By Type, Application With Key Players Analysis

According to a new report published by Allied Market Research, titled, Home Automation Market by Application, Technology, and Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the 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. North America is expected to be the leading contributor to the home automation market, followed by Europe and Asia-pacific.

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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.

However, lack of awareness about home automation products and high initial investments in home automation are expected to hamper the home automation market growth. Increase in adoption of automated services is expected to provide lucrative opportunities for the global home automation market.

Top Impacting Factors

The factors that impact the global home automation market include development of innovative & energy efficient automated systems, growth in IoT market, increase in importance of home monitoring from remote locations, rise in consumer awareness related to availability of smart home devices such as automated security & lighting systems, and stringent government regulations.

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The adoption of home automation systems is increasing, owing to development of the construction industry and increase in demand for energy efficiency in smart homes & buildings. The home automation industry is dominated by remote control solutions, as mobile apps and other advanced solutions are expensive in the developing regions and lack of standardization are expected to hamper the home automation market growth.

Key Segments

The report segments the global home automation market on the basis of application, type, technology, and region.

Applications covered in the study includes lighting, safety & security, heating, ventilation, and air conditioning (HVAC), entertainment, and others.

On the basis of technology, the home automation market is bifurcated into wired and wireless technology.

By type, the home automation market, is classified into luxury, do it yourself (DIY), mainstream, and managed services.

Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Safety & security systems accounted for a dominant share of the market in 2016, and are expected to grow at a CAGR of 11.8% during the forecast period. The wireless technology was the dominant segment for home automation market accounting for about 53% in 2016.

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Key Players

The key players profiled in the home automation market are ABB Ltd., AMX LLC. (Harman), Control4 Corporation, Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls Inc., Savant Systems LLC., Siemens AG, Vantage Controls (Legrand), and Zigbee alliance.

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This release was published on openPR.