Stay Updated on the Ongoing Home Automation Market Trends by Transparency Market Research

Home Automation Market – Snapshot

The automation industry, which is in a re-evaluation stage, is witnessing significant technological advancements. Developments in building automation industry, that witnessed introduction of upgraded devices and technology, also known as Smart Home and Smart Building, has changed the way products and services are being delivered. With focus on enhancing consumer experience, these technologies are witnessing continues research and development to equip the products as per compatibility with Smart & Sustainable Home and Building projects. The market for home automation is forecast to grow steadily to become US$ 124.1 Bn by 2027 from US$ 69.0 Bn in 2018, at a CAGR of 6.7%.

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Home automation has been gaining traction over the last decade in developed countries owing to incorporation of these products and services as a part of lifestyle and high adoption rate of advanced technology. In resonance with the same, home automation is undergoing further technological advancement in these countries, particularly in the U.S. and Western Europe, in the form of smart home automation. This is considered to be a prominent factor fueling the growth of the home automation market in North America and Europe. Moreover, the market for home automation products and solutions in developing economies across the globe such as China, India, and Brazil, is witnessing increasing adoption due to significant rise in disposable income of the mid-income group and rising preference for luxurious lifestyle. In terms of geographic markets, the Asia Pacific home automation market is anticipated to witness prominent growth rate during the forecast period. The home automation market in this geography is expected to be fueled by the increasing adoption in India, which is analyzed to grow at a compound annual growth rate of over 7% during the forecast period. Furthermore, other Asian countries, for instance Indonesia, Taiwan, and South Korea, are projected to fuel the growth of the home automation market during the forecast period in this geography.

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