Home Automation Market Outlook & Growth Analysis by 2023 | Key Drivers, Restraints & Opportunity

The home automation market is expected to grow at the highest rate during the forecast period, owing to increase in energy costs, rise in awareness for efficient energy usage among consumers, and technological advancements. Furthermore, continuous economic development in countries, such as India, China, and Australia, is expected to provide numerous growth opportunities to the market.

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.

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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.

Key Players

The key players profiled in the home automation market include Crestron Electronics, Inc. AMX LLC. (Harman), Control4 Corporation, Honeywell International, Inc. Johnson Controls, Inc., Siemens AG, Zigbee alliance, Vantage Controls (Legrand), Savant Systems LLC., and ABB. These players have adopted various strategies, such as product launch, collaboration & partnership and acquisition to expand their foothold in the home automation market.

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Home Automation Key Market Segments:

By Application

Lighting
Safety & Security
HVAC
Entertainment
Others

By Technology

Wired
Wireless

By Type

Luxury
Do it Yourself (DIY)
Managed
Mainstream

By Region

North America
Europe
Asia-Pacific
LAMEA

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

This release was published on openPR.