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Home Automation Market Analysis 2023: Size, Trends, Share, Outlook And Revenue Forecast 2032 | ABB, Crestron Electronics Inc., Schneider Electric, Honeywell International Inc., Johnson Controls Inc
Home Automation Market
The Business Research Company's Home Automation Global Market Report 2023 identifies increasing use of internet of things (IoT) devices as the major driver for the Home Automation market's growth in the forecast period. The Internet of Things (also known as IoT) based home automation system uses internet protocols or cloud computing to operate all of the smart home's equipment.
The global home automation market size will grow from $61.09 billion in 2022 to $68.1 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the home automation is expected to grow to $101.47 billion in 2027 at a CAGR of 10.5%.
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Major competitors in the Home Automation market are ABB, Crestron Electronics Inc., Schneider Electric, Honeywell International Inc., Johnson Controls Inc.
A key trend in the Home Automation market includes technological advancement. Major companies operating in the home automation sector are focused on developing technological solutions for home automation to strengthen their position. For instance, in June 2022, Hogar Controls, a US-based company operating in smart home solutions, launched a series of home automation products such as smart touch panels, controllers, digital door locks, and smart curtain motors to provide a one-stop-shop solution for architects, interior designers, and contemporary consumers smart home solutions. smart touch panels work on Z-Wave technology and it is introduced with Wi-Fi capabilities that are compatible with any smartphone and voice-controlled via amazon Alexa or google assistant on supported devices via sensors. Additionally, these control panels are heat, humidity, and shockproof.
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The Home Automation market is segmented -
1. By Product: Lighting Control, Security And Access Control, HVAC Control, Entertainment, Other Products
2. By Technology: Wired Home Automation System, Wireless Home Automation System
3. By End User: Residential, Commercial, Other End Users
4. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Home Automation market.
The Business Research Company's "Global Home Automation Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Home Automation Market Include:
1. Executive Summary
2. Home Automation Market Characteristics
3. Home Automation Market Trends And Strategies
4. Home Automation Market - Macro Economic Scenario
5. Home Automation Market Size And Growth
……
26. Africa Home Automation Market
27. Home Automation Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Home Automation Market
29. Home Automation Market Future Outlook and Potential Analysis
30. Appendix
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