Home Automation Market Growth Insights at CAGR of 17.6% by 2030 | Size, Factor, Trends

The term "home automation" describes the application of technology to various household activities and duties in order to control and automate them. In order to establish a smart home environment where various gadgets and appliances can communicate with one another and be managed remotely, frequently through a central hub or a smartphone app, this involves the integration of devices, systems, and networks. Home automation aims to improve security, comfort, convenience, and energy efficiency inside the house.

The home automation market size was valued at $46.6 billion in 2020, and is expected to reach $239.9 billion by 2030, registering a CAGR of 17.6% from 2021 to 2030.

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Home automation systems have witnessed an unprecedented demand in the recent years, due to increased concerns about safety & security, especially in urban areas. Moreover, factors such as improved lifestyle, increase in disposable income of people, and surge in awareness about smart automated systems have boosted the adoption of home automation systems. However, the home automation market is in its developing stage for cities and rural regions, and, is expected to witness significant growth in the future. Metropolitan cities are anticipated to provide lucrative opportunities for the market players, owing to improvement in access to wireless technologies in these cities.

The security & safety segment dominated the market due to considerable adoption of smart technologies such smart bulb, smart camera, and smart refrigerator as compared to the other sectors. Increase in government initiatives for the development of smart cities has fueled the adoption of home automation systems.

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The home automation market is segmented on the basis of, application, technology end user and region.

By application, the market is segregated into lighting, safety & security, HVAC, entertainment and others.

On the basis of technology, the market is divided into wired and wireless. On the basis of end user, the market is divided into residential and commercial.

Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Players:
The major players profiled in the home automation market include ABB, ADT, Creston Electronics, Inc., Honeywell International Inc., Ingresoll Rand, Johnson Controls, Larsen & Toubro Ltd., Legrand, Samsung Electronics Co., Ltd. and Schneider Electric. Major companies in the market have adopted product launch, business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the home automation market.

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