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Home Automation Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033
Home Automation Market
As per the report, the home automation market size has grown rapidly in recent years. It will grow from $66.04 billion in 2023 to $72.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The home automation market size is expected to see rapid growth in the next few years. It will grow to $109.34 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
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The Proliferation Of IOT Devices Is Driving Growth In The Home Automation Market
The increasing use of internet of things (IoT) devices in a home automation system is expected to propel the growth of the home automation market 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 IoT-based home automation system has numerous advantages over wired systems, including flexibility, ease of installation, avoidance of the complexity of flowing through wires or weak electrical wiring, easy problem detection and triggering, and, most all, mobility. For instance, in March 2023, according to Exploding Topics, a US-based online platform that provides insights into emerging and trending topics, by 2030, it is anticipated that there will be 25.4 billion IoT devices. Therefore, the increasing use of internet of things (IoT) devices in home automation systems drive the home automation market growth .
Tech Innovations Reshaping The Home Automation Market
The growing technological advancements are shaping the home automation market. 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.
The home automation market covered in this report 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
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Major companies operating in the home automation market report are ABB, Crestron Electronics Inc., Schneider Electric SE, Honeywell International Inc., Johnson Controls Inc., Siemens AG, Legrand Group, Control4, Home Brain, Savant Systems Inc., Lutron Electronics Company, Sauter AG, United Technologies Corporation, Bosch Security and Safety Systems, Silvan Innovation Labs, Elan Home Systems LLC, Fueb, Harman International, LG Electronics Inc., August Inc., HomeSeer Technologies LLC, Wink Labs Inc., Amazon Inc., Google Nest, ADT Inc., Vivint Smart Home Inc., SimpliSafe, Ring LLC, Ecobee, Somfy, Netatmo, SmartThings Inc.
Contents of the report:
1. Executive Summary
2. Home Automation Market Report Structure
3. Home Automation Market Trends And Strategies
4. Home Automation Market - Macro Economic Scenario
5. Home Automation Market Size And Growth
…..
27. Home Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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