Home Automation Market Going to Impact on Global Industry to Growth at CAGR of 17.6% by 2030

Overview of Market:
Cost-effectiveness of home automation systems, increase in popularity of Internet of Things (IoT) for smart homes, and surge in concerns for safety and security drive the growth of the global home automation market.

The global home automation market was estimated at $46.60 billion in 2020 and is expected to hit $239.89 billion by 2030, registering a CAGR of 17.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

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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).

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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Key Findings Of The Study
• By application, the safety & security segment was the highest revenue contributor in 2020.
• By technology, the wireless segment dominated the market in 2020.
• By end user, the residential segment dominated the market in 2020.
• Asia-Pacific region generated the highest revenue in 2020.

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