Home Automation Market Size Worth USD 120.46 Billion In 2032 | Emergen Research

The global home automation market size was USD 48.00 Billion in 2022 and is expected to register a rapid revenue CAGR of 9.7% during the forecast period. Rising demand for usage of home automation systems among individuals is primary key factor driving market revenue growth.

Rising strategic initiatives taken by companies is another key factor driving revenue growth of the market. For instance, on 25 July 2023, CMS Distribution announced a new agreement with Ezviz, a Smart Home Security company. This alliance seeks to provide cutting-edge security solutions and services to consumers in various industries, ensuring advanced security and peace of mind.

Home automation is increasing in popularity as technology, such as Internet of Things (IoT) and Artificial Intelligence (AI), become more available. For instance, smart coffeemakers, Global Positioning System (GPS), water controls, air conditioners, and other devices respond to voice commands. These IoT frameworks supply data to enable certain tasks, as well as aid in energy reduction and security enhancement.

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Market Segment Insights

Component Insights:

Based on component, the global market is segmented into product and services. The product segment accounted for largest market share in the global home automation market in 2022. The product segment is further segmented into smart lighting, smart HVAC, smart security systems, smart appliances, smart entertainment systems, smart home hubs, and smart sensors. This is due to rising demand for smart lighting since it allows the use of motion sensors in any room that has either a smart light switch or a smart light bulb installed.

Technology Insights:

Based on technology, the global market is segmented into wired systems, wireless systems, and communication protocols. The wired systems segment is expected to register steadily fast market growth rate in the global home automation market during the forecast period due to rising demand for wired system since these systems respond to signals more quickly. Sensors, switches, and other equipment in a wired system are linked by network cables, allowing for centralized control and automation.

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Regional Insights:

Asia Pacific accounted for largest market share in the global home automation market in 2022. This is due to rising demand for home automation systems as these help individuals to save time by automating routine tasks. For instance, smart thermostats can learn users' preferences and adjust the temperature accordingly.

North America is expected to register fastest market growth rate in the global home automation market over the forecast period. This is attributed to increasing use of home automation systems among individuals since these systems allow to monitor and control energy usage in counties such as the U.S. and Canada.

Top Companies and Competitive Landscape

Some major players included in the global home automation market report are:

 Google
 com, Inc.
 Apple Inc.
 SAMSUNG
 Koninklijke Philips N.V.
 Logitech
 Honeywell International Inc.
 ADT
 ecobee
 August Home
 Lutron Electronics Co., Inc.
 Crestron Electronics, Inc.
 Snap One, LLC.
 Sonos, Inc.
 Belkin
 Vivint, Inc.
 Schneider Electric
 Leviton Manufacturing Co., Inc.
 Xiaomi
 Insteon

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Segment Analysis

For the purpose of this report, Emergen Research has segmented the home automation market on the basis of component, technology, application, software & algorithm, and region:

 Component Outlook (Revenue, USD Billion; 2019-2032)
o Product
o Smart Lighting
o Smart Heating, Ventilation, and Air Conditioning (HVAC)
o Smart Security Systems
o Smart Appliances
o Smart Entertainment Systems
o Smart Home Hubs
o Smart Sensors
o Services
o Consulting
o Installation
o Support and Maintenance

 Technology Outlook (Revenue, USD Billion; 2019-2032)
o Wired Systems
o Wireless Systems
o Communication Protocols

 Application Outlook (Revenue, USD Billion; 2019-2032)
o Residential
o Commercial
o Industrial

 Software Algorithm Outlook (Revenue, USD Billion; 2019-2032)
o Behavioral
o Proactive

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