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Home Automation System Market is projected to grow USD 78.2 billion in 2029 from USD 36.2 billion, will grow at a CAGR of 10.1% | Size, Share & Forecast Report
Home Automation System Market
The Home Automation System Market reached USD 36.2 billion in 2021 and forecast to touch USD 78.2 billion in 2029 will grow at a high double-digit CAGR of 10.1%.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/home-automation-system-market/
The factors driving the growth of Home Automation System Market includes rise in homeownership rates, growing smartphone penetration rates around the world, increasing demand for home automation systems at residential and hospitality sectors and improvements in living standards. As per the data available at Statista, the smartphone penetration rate in India was calculated around 54% in 2020 and is expected to reach 96% by the end of 2040, which will accelerate the demand for home automation systems in the approaching years. Moreover, integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT), increasing sales of automated anti-theft devices and rapid urbanization, are some of the additional factors supplementing the Global Home Automation System Market. In addition, the increasing investments by leading players on research and development, strategic collaboration between key industry players, rise in the launch of innovative products and growing population growth rates, are further propelling the Home Automation System Market size.
However, growth of the Home Automation System Market is hindered due to high cost of installing home automation systems.
The prominent players operating in the market are Schneider Electric SE, ABB Group, Ingersoll-Rand Plc, Honeywell International, Inc., Legrand S.A., Johnson Controls, Inc., Lutron Electronics, Inc., Crestron Electronics Inc., Siemens AG, and Control4 Corporation.
Based on Product, the Entertainment and Other Controls segment is predicted to expand at a remarkable CAGR during the forecast period
Growing demand for smart plugs and smart locks, rise in the launch of innovative products, are some of the factors responsible for segment's growth
Based on Software & Algorithm, the Proactive segment is projected to capture the largest market share over the forecast period
Proactive solutions can act on behalf of end users, helps in informed decisions, and saves energy, are some of the features propelling segment's growth.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Proliferation of smartphones, laptops and tablets, improvements in internet connectivity, growing adoption of advanced technologies, increase in the launch of innovative products, rising per capita income, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2022, Johnson Controls, Inc. completed the acquisition of FogHorn, developer of Edge AI software for commercial and industrial IoT solutions, this acquisition will expand company's foothold in smart and Autonomous Buildings market.
In 2021, Schneider Electric collaborated with Livspace to expand its business in home automation systems market. Schneider Electric planned to offer its wiser home automation solutions to Livspace centres.
In 2021, Legrand partnered with the URC to extend its smart home automation and control business for residential and commercial users.
Market Segmentation
Segmentation by Product
Lighting Control
Relays
Occupancy Sensors
Daylight Sensors
Timers
Dimmers
Switches
Accessories and Other Products
Security and Access Control
Video Surveillance
Hardware
Security Cameras
Storage Devices
Monitors
Accessories
Software/Video Analytics
Services
Access Control
Biometric Access Control
Facial Recognition
Iris Recognition
Fingerprint Recognition
Others
Non-Biometric Access Control
HVAC Control
Smart Thermostats
Sensors
Control Valves
Heating and Cooling Coils
Dampers
Actuators
Pumps & Fans
Smart Vents
Entertainment and Other Controls
Entertainment Control
Audio, Volume, & Multimedia Controls
Home Theatre System Controls
Touchscreens and Keypads
Other Controls
Smart Meters
Smart Plugs
Smart Hubs
Smart Locks
Smoke Detectors
Segmentation by Software & Algorithm
Behavioural
Proactive
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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