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Artificial intelligence (AI) In Home Automation Market Analysis, Market Size, Leading Players, Share And Forecast To 2033
Artificial intelligence (AI) In Home Automation Market
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According to The Business Research Company's, The artificial intelligence (AI) in home automation market size has grown exponentially in recent years. It will grow from $15.84 billion in 2023 to $20.52 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth in the historic period can be attributed to increasing consumer demand for convenience, improved connectivity, cost reductions, energy efficiency, increased adoption of smart device.
The artificial intelligence (AI) in home automation market size is expected to see exponential growth in the next few years. It will grow to $57.99 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%. The growth in the forecast period can be attributed to rising consumer awareness, increased focus on energy efficiency, expansion of 5g networks, government incentives and regulations, expansion of smart city projects. Major trends in the forecast period include integration of ai and iot, voice-activated and natural language processing technologies, enhanced security and privacy features, technological integration, advancements in personalization and customization.
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Market Drivers and Trends:
The growing adoption of smart home devices is expected to propel the growth of AI in home automation market going forward. Smart home devices are interconnected gadgets that automate and control various aspects of a home, such as lighting, temperature, and security, through remote access and intelligent technology. The growing adoption of smart home devices is driven by increased consumer demand for convenience, enhanced energy efficiency, and improved security features, combined with advancements in technology and affordability. AI home automation enhances the growing adoption of smart home devices by enabling more personalized, intuitive, and efficient control of home environments through advanced machine learning algorithms and predictive analytics. For instance, in September 2022, according to Dataconomy, a Germany-based portal for news, events, and expert opinion from the world of data-driven technology, by the end of June 2022, there were 17.1 connected gadgets and smart home appliances per home on average around the world, a 10% increase over the previous year at the same period.
Major companies operating in the AI home automation market are integrating generative AI into consumer technology for enhanced personalization, such as generative AI-based home automation script generators, to create highly customized and adaptive home environments with extended market offerings. Generative AI-based smart home automation script generators automatically create customized scripts and routines for managing and optimizing smart home devices and systems. For instance, in November 2023, Google LLC, a US-based technology company, launched an innovative generative AI feature named "Help Me Script" in its script editor, designed to enhance smart home automation. This experimental tool enables users to create personalized automation scripts through natural language prompts, simplifying the process for individuals without coding expertise. This feature is available for a limited time and aims to empower users with advanced customization capabilities previously unattainable. Additionally, incorporating AI-driven automation, such as using camera events to trigger actions, points to a future where smart homes are increasingly proactive and responsive to user needs, further enhancing convenience and security.
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Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Siemens AG, Intel Corporation., International Business Machines Corporation, LG Corporation, Panasonic Corporation, Xiaomi Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Nvidia Corporation., Johnson Controls International PLC, Legrand, ADT Inc., Vivint Smart Home Inc., iRobot Corporation, Sansiri PLC, Control4 Corporation, Qualisys AB, Mycroft AIInc., Josh.ai
Artificial intelligence (AI) In Home Automation Market 2024 Key Insights:
• The artificial intelligence (AI) in home automation market size is expected to see exponential growth in the next few years. It will grow to $57.99 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%.
• Rising Smart Home Device Adoption Fuels AI In Home Automation Market Growth
• Generative AI Revolutionizes Smart Home Automation With Enhanced Personalization
• North America was the largest region in the artificial intelligence (AI) in home automation market in 2023
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