04-26-2017 01:45 PM CET - IT, New Media & Software
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Home Automation Market to Expand at 26.3% CAGR between 2014 and 2020 due to Growing Affinity of Consumers for Newer Technologies

Press release from: TMR

Home automation solutions are some of the most sought-after services in the world in the consumer markets. The demand for home automation solutions is much more pronounced in the developed economies than the emerging ones, but the latter is catching up to the competition. Automation solutions are constantly evolving these days in terms of efficiency, ability, and overall performance. A lot of regions refer to home automation solutions as an umbrella term that includes both systems and single point applications that are used to automate any home process. This also includes integrated solutions. A majority contingent of home automation devices are powered by electricity and can be manually overridden. Thanks to efforts in device communication standardization, devices from multiple aspects and different companies are able to connect to each other.

The report on the global home automation market is essentially a description of a projected chart for the market and its progress between 2014 and 2020. To achieve this, the report includes past and current trends and factors of influence. A number of proven industry standard research and calculation methodologies are used to gauge the global home automation market, including Porter’s Five Forces analysis and a SWOT analysis. The report also includes a section dedicated to revealing the attractiveness of each segment in the market over forecast period from 2014 to 2020.

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Global Home Automation Market: Trends and Opportunities:

The primary driver acting on the global home automation market currently is the ever-increasing need shown by homeowners to increase the efficiency of several domestic applications. Home automation can be used to enhance a home’s HVAC, entertainment systems, energy consumption management, security, and lighting. Homeowners are showing a particularly high demand for being able to control a home’s HVAC needs. Furthermore, the proliferation of high-speed internet in developed regions is becoming a key factor that the home automation market of these regions is hinged upon. High-speed connectivity allows for a much smoother communication rate between devices. It is playing an important role in the application of home automation systems in the U.S., the U.K., Germany, and France.

A significant factor working in favor of the global home automation market currently is its ability to promote energy conservation and manage overall energy consumption in a home. The depleting natural resources are putting a high strain on the energy supply in the world, while the demand only seems to increase. Home automation thus becomes one of the methods used by an individual or a family to minimize their energy consumption on a daily basis. Another trend visible in the proliferation of home automation is the growing use of smartphones across the world. Smartphones allow a user to gain a high degree of control over a smart home, therefore imparting a greater affinity for consumers towards home automation.

Global Home Automation Market: Region-wise Outlook:

North America has been the leading consumer of home automation solutions and services in the world for the past few years. It is expected to continue being the leading region in this global market, an estimated based on the massive demand for home automation solutions in the region, the large-scale presence of high-speed connectivity modes, and the high penetration of smartphones in the consumer electronics industry. The U.S. and Canada both possess advanced technologies that can allow for an easier transition for homeowners to the latest trends in home automation. The two nations also hold a large number of consumers with high awareness levels.

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Europe and Asia Pacific follow North America in terms of consumption of home automation solutions, but are showing a heavy increase in their demand, which is expected to increase even further over the coming years.

Companies Mentioned in the Research Report:

The leading companies present today in the global home automation market include Honeywell International Inc., AMX LLC, Johnson Controls, 2GIG Technologies, Crestron Electronics, Inc., ADT Corporation, Siemens AG, Vantage Controls, Control4 Corporation, iControl Networks Inc., and Schneider Electric SA.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business Contact.

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