Home Automation Market Huge Business Opportunities 2030 | With a CAGR of 17.6% To Reach $239.9 Bn

In recent years, home automation systems have seen a surge in demand, driven by heightened concerns about safety and security, particularly in urban areas. Additionally, factors such as enhanced lifestyles, increased disposable incomes, and growing awareness of smart automated systems have accelerated the adoption of home automation. However, the market for home automation in cities and rural areas is still in its early stages and is projected to experience substantial growth in the future. Metropolitan areas are expected to offer lucrative opportunities for market players, due to improved access to wireless technologies.

According to Research, The home automation market size was valued at $46.6 billion in 2020, and is expected to reach $239.9 billion by 2030, registering a CAGR of 17.6% from 2021 to 2030.

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Factors to Consider:
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.

This report discusses various aspects of the market such as the technologies and types used in home automation control. In recent times, various wired and wireless technologies are being used for monitoring and controlling the operations of smart homes and installed systems. Wi-Fi with its long-range operation capabilities contributes to the largest share.

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Key Segments:

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).

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Top Players:
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

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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