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The global home automation market size is projected to reach US$ 114 billion by 2025. The incorporation of IoT opens up a huge potential for the companies operating in the market. According to a report published by Fortune Business Insights, titled “Home Automation Market Size, Share and Industry Analysis by Product Type (Luxury, Mainstream, Managed, DIY Do It Yourself Home Automation System), Application (Safety and Security, Lighting, Entertainment, Heating, Ventilation and Air conditioning), Networking Technology (Wired & Wireless) and Regional Forecast 2018-2025,” the market size was US$ 45.8 billion in the year 2017 and is expected to exhibit a robust CAGR of 12.1%.
Honeywell International Inc. Adopts Diverse Strategies to Stay Ahead of Competition
According to the report, Honeywell International Inc. used a combination of advanced control strategies and model-based advanced controls for the development of the home automation market. In addition to this, the company is involved in acquiring and investing in many start-ups to expand its product portfolio and footprint in developing countries. Additionally, the company is focusing on deploying advanced technologies in an automated home system. For instance, the company recently launched a new addition to its Lyric™ Security and Home Control platform that allows users to control their home security and automation systems wirelessly.
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Consumer Preference Towards Luxurious and Elegant Lifestyle Spurs Growth
Home automation or domotics is gaining momentum owing to the rapid adoption of IoT across developed nations. Fortune Business Insights predicts the demand for home automation products to grow exponentially on account of increasing disposable income of people. This, coupled with growing preference for elegant and luxurious lifestyle especially in developing countries, is driving the home automation market. Furthermore, the implementation of cloud-based solutions across smart home appliances will encourage consumers to adopt home automation system in the coming years. Fortune Business Insights predicts such factors to drive the global automation market during the forecast period between 2018 and 2025.
As per application, lighting segment held nearly 25% of the market in the year 2017 for the home automation market. “The growing need for technology integrated lighting products such as using cloud and IoT-based renewable sources of energy makes lighting as the most profitable segment,” states a lead analyst at FBI. “Companies like GE Lighting, Advanced Lighting Technology, and Philips are penetrating into lighting segment in developing nations. Such factors will contribute to the growth of the market,” he added.
The rising adoption of wireless technology across the world is projected to stimulate growth for the lighting segment. This will increase the demand for home automation projects in developing as well as developed countries throughout the forecast period.
Rapid Adoption of Artificial Intelligence (AI) and IoT Exhibits Highest CAGR in North America
From a geographical standpoint, the North America market was valued at US$ 16.4 Bn in 2017 and is projected to emerge dominant in the global home automation market till 2025. Growth observed in this region is likely to be driven by technological advancements such as AI and IoT Also, increasing mergers between key players & IT companies to develop and deploy solutions based on IoT and AI mainly in the USA is driving growth in this region. Additionally, a high deploying rate of safety and security solutions in North America is projected to offer growth opportunities to the market. Growing number of smart homes in countries such as the USA and Canada will expand the market in the coming years.
The global market can be segmented into the following categories:
By Networking Technology