Home Automation Market Will Reach USD 86.8 Billion By 2030

The home automation market has garnered USD 45.7 billion in revenue in 2023, and it is projected to rise at the rate of 9.6% from 2023 to 2030, to capture USD 86.8 billion by 2030. The growth of the market can be ascribed to the increasing requirement for power-effective and ecological solutions, swiftly progressing technology and the growing affection of customers for connectivity and convenience. Home automation allows individuals to control and mechanize numerous appliances and fixtures in their houses via smart devices and online channels.

The distribution of IoT technology is a major propeller for the home automation industry advance. This technology permits numerous smart devices to connect and work together in a unified setting. Such smart devices comprise security, smart meters, and access control systems, entertainment hubs, lighting controls, and smoke detectors.

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The acceptance of the powerline communication technology is also playing a vital role in producing opportunities for industry companies. This technology permits information communication over present powerlines, therefore providing a profitable and appropriate solution for connecting devices within a house.

In 2022, on the basis of type, the luxury home automation system category dominated the market with the largest share. This is mainly because of the rising aging populace and the increasing adoption of smart home solutions among wealthy clientele. Luxury home automation systems commonly offer high-end features and personalization options, which fulfill the preferences of discerning proprietors. Furthermore, with the growing occurrence of criminalities against aging people, concerned loved ones are adding remote safety and access control screening solutions to elderly people's houses.

During the projection period, the wireless category will experience a higher development rate, based on technology. The rising need for removing the hassles of connecting and sustaining a complex network of wires and the rising utilization of ICs and microchips are propelling the adoption of wireless home automation technologies. Wireless systems offer the advantages of suppleness and easy connection, therefore making them a striking option for modern homeowners.

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The North American region is dominating the worldwide home automation industry, and it is projected to continue its supremacy in the future as well. The technical improvements, presence of major market players, and beneficial government guidelines make the continent striking for home IT investments. Moreover, the customer acceptance of smart gadgets and voice assistants is quickly growing in North America, therefore further propelling the requirement for home automation systems.

Market dominance is held by the security and access control category on the basis of application. Security and access control systems are very robust and effective as a result of the introduction of Smart Grids and their assistance with powerline communication.

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