Home Automation Market Analysis: Opportunities and Challenges

The global home automation market size was USD 48.00 Billion in 2022 and is expected to register a steady revenue CAGR of 9.7% during the forecast period, according to latest analysis by Emergen Research. Rising demand for security and safety among individuals is a key factor driving market revenue growth. Home automation enables the development of a security network based on prevention and detection that protects people and their property. One of the most significant advantages of home automation is their ability to lock the door using phone and notify each time someone enters the home. Users have a much easier time managing their home alarm with touchscreen controls and an intuitive interface.

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Some Key Highlights From the Report

• The product segment accounted for largest revenue share in the global home automation market in 2022. 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. When a room is empty, individual can order the bulbs to turn off and only come back on when motion is sensed in the room. Smart lighting also benefits those with mobility challenges, those who live in a home with noisy, creaky stairs, and light sleepers. In addition, individuals can even control the brightness, intensity, and hue (with colored Light Emitting Diode (LED) smart bulbs) from the device with some bulbs, hence driving revenue growth of this segment.

• The smart Heating, Ventilation, and Air Conditioning (HVAC) segment is expected to register steadily fast revenue growth rate in the global home automation market during the forecast period. This is die to increasing need for smart HVAC systems as these can regulate building temperatures to maintain the ideal feel for maximum comfort. For instance, smart thermostats can manage and maintain a room's temperature based on pre-programmed preferences or sensor readings. In addition, smart HVAC systems' rapid responses and ability to automatically adjust a room's temperature make it more energy-efficient, resulting in a more sustainable living environment. Smart HVAC sensors can detect air pollution specifics, such as carbon monoxide emissions, and swiftly evacuate the air or inform residents before it has a negative influence on human health. Moreover, air quality regulation also reduces the risk of viral illnesses, hence driving revenue growth of this segment.

• The Asia Pacific market accounted for largest revenue share in the global home automation market in 2022. attributed to rising demand for home automation systems for helping individuals to save time by automating routine tasks. For instance, smart thermostats can learn users' preferences and adjust the temperature accordingly. In addition, rising product launches by major companies is also expected to drive market revenue growth of this region during the forecast period.

• On 25 February 2022, One Switch, an Andhra Pradesh-based smart home automation company, announced the availability of franchising opportunities to expand its smart home automation services, to provide the finest quality smart home goods and services to buyers across India. The way people control their household appliances has changed since development of smart home automation services. Eco-friendly solutions given by smart home automation firms, such as One Switch, including automatic water tank sensors and motion sensors, have helped to reduce electricity expenses and improve the entire home environment.

Major Players/Manufacturers profiled in the report are:
Google, Amazon.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, and Insteon

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Global Home Automation Market Report - Segmental Analysis:

Component Outlook (Revenue, USD Billion; 2019-2032)
o Product
1. Smart Lighting
2. Smart Heating, Ventilation, and Air Conditioning (HVAC)
3. Smart Security Systems
4. Smart Appliances
5. Smart Entertainment Systems
6. Smart Home Hubs
7. Smart Sensors
o Services
1. Consulting
2. Installation
3. 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

Key Geographies Profiled in the Report:
• North America(the U.S., Mexico, and Canada)
• Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
• Europe(the U.K., France, Germany, and Rest of Europe)
• Latin America(Brazil and Rest of Latin America)
• Middle East & Africa(GCC Countries and Rest of Middle East & Africa)

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