The Global Home Automation Market is anticipated to rise incessantly on account of the rising adoption of Internet of Things (IoT) in developing and developed nations. Fortune Business Insights published the above information in a report, titled “Home Automation Market Size, Regional Analysis and Growth Rate 2025”. According to the report, the global home automation market covered value of US$ 45.8 Bn in 2017 and is anticipated to reach US$ 114 Bn by 2025.
The wireless home automation systems segment is expected to report a remarkable CAGR of 12.1% driven by the increasing demand from around the world.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/home-automation-market-100074
Top Key Players:
- ABB Ltd
- Crestron Electronics Inc.
- AMX LLC (Harman)
- Control4 Corporation
- Honeywell International Inc.
- Johnson Controls Inc.
- Savant Systems LLC.
Honeywell International Inc. Accounted for a Maximum Share by Developing Advanced Smart Home
In 2017, Honeywell was the leading player covering for a maximum share in the global home automation market. The company adopted a combination of advanced controls and strategies to develop smart home automation products. Also, the company acquired start-ups to increase its product portfolio penetration in emerging countries. In addition to this, this company is focusing on the deployment of improved technologies in a fully automated home system. In addition to this, recently the company has introduced a home control and Lyric security platform for its users to wirelessly control their home automation systems. Another company called SwannOne launched SwannSecurity which allows users to control and handle their air conditioners, lights, and security cameras with the help of an app. Some of the other leading players in the global home automation market include Crestron Electronics Inc., Control4 Corporation, Savant Systems LLC., Siemens AG, Honeywell International Inc., ABB Ltd., and Johnson Controls Inc.
Lighting Seen as the Most Profitable Segment Among Others
Among applications, lighting is expected to cover maximum share in the global home automation by 2025. “The adoption of lighting systems is growing as the need for reducing energy consumption rises,” stated a lead analyst at Fortune Business Insights. “This is further resulting in the integration of lighting products in-built with technologies such as IoT and cloud-based sources,” he added. Product launches and technologies introduced by companies such as Advanced Lighting Technology and GE Lighting are anticipated to boost this segment in the coming years. Also, companies are adopting wireless technology, which is expected to stimulate the growth of this segment during the forecast period.
North America to Lead the Global Market Owing to High Adoption of AI and IoT
In 2017, the North America market was worth US$ 16.4 Bn and is projected to dominate the global home automation market in the coming years. Companies in this region are continuously involving in mergers and acquisitions (M&As) to deploy home automation solutions. Rising technological advancements and better internet connectivity are key factors driving the home automation market in this region. Europe is also anticipated to witness considerable growth owing to the presence of some leading manufacturers in the automotive segment. Lastly, the market in Asia Pacific is anticipated to grow at a steady rate during the forecast period.
Home Automation Market to Grow Rapidly with Rising Demand for Remotely Controlled Devices
The rising preference towards a better standard of living is one of the primary factors driving the home automation market. This, coupled with rising disposable income especially in developing countries, is encouraging investment in home automation solutions. The growing adoption of smartphones and tablets across the world is likely to escalate demand for remotely controlled devices, thus driving the home automation market. The adoption of cloud-based solutions is growing at a rapid pace in smart home appliances. This is further expected to act as growth engines for the home automation market over the next few years. Rapid urbanization is another factor leading to rise in home automation systems. These systems offer better security and safety with technologically sound specifications. This contributes to the growing demand for advanced home automation products such as home automation using Bluetooth.