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Global Home Automation Market to Reach US$114 Bn by 2025; Advent of IoT to Unlock Lucrative Prospects

March 29, 2019 | Information & Technology

Pune, India, 29th March 2019: The Global Home Automation Market is expected to hold significant potential in the smart home industry in developed and developing nations. Several companies across the market are adopting diverse strategies to stay ahead of the competition. Moreover, some of the companies are making conscious efforts, investing in product development and by building strategic partnerships and collaborations.

Crestron Electronics Inc., Control4 Corporation, Honeywell International Inc., Savant Systems LLC., Johnson Controls Inc. and Siemens AG are some of the leading players operating in the market. Among these, Honeywell International Inc. emerged as the leading player in 2017, finds Fortune Business Insights in a new study.  The report is titled “Home Automation Market: Global Market Analysis, Insights and Forecast, 2018-2025.” The global market was valued at US$ 45.8 Bn in the year 2017 and is projected to reach an astounding US$ 114 Bn by 2025. Over the forecast period, the global automation market 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.

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 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, the 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 the lighting as the most profitable segment,” states a lead analyst at FBI. “Companies like GE Lighting, Advanced Lighting Technology, and Philips are penetrating into the 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 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. The growing number of smart homes in countries such as the USA and Canada will expand the market in the coming years.

Browse Complete Related Reports @https://www.fortunebusinessinsights.com/industry-reports/home-automation-market-100074

The global market can be segmented into the following categories:

Segmentation of the Global HOME AUTOMATION Market

By Product

·         Luxury home Automation System

·         Mainstream Home Automation System

·         Managed Home Automation System

·         DIY (Do It Yourself Home Automation System)

By Application

·         Safety and Security

·         Lighting

·         Entertainment (Audio and Video)

·         Heating, Ventilation and Air conditioning

·         Others

By Networking Technology

·         Wired Home Automation System

·         Wireless Home Automation System

By Geography

·         North America (USA and Canada)

·         Europe (U.K., Germany, France, Scandinavia and Rest of Europe)

·         Asia Pacific (Japan, China, India and Rest of Asia Pacific)

·         Latin America (Brazil, Mexico and Rest of Latin America)

·         Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

Home Automation Market
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