The global smart home automation market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising value for features including the convenience of exceptional and remote operation experience offered by smart home automation.
Smart home automation is the use of architecture automation for several equipment and device in a home setting. A home automation system allows to monitor or control home attributes including appliances lighting and entertainment systems. It can be used for several applications including home security and surveillance purposes such as access alarm systems and control in the case of any illegal entry or trespassing of the property.
Home automation has been widely adopted due to easy access and connect to the electronic gadgets. In simple terms, the control of household items can be regulated and managed using consumer electronic devices such as smart phones and laptop through accessing the Internet. An older home security system is a one-way communication system that does not work with smart home devices. Whereas, the newer wireless security system is an advanced technology that allows two-way communication. It operates on wireless protocols including Wi-Fi, Bluetooth, Zigbee, and Z-Wave.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of systems for a number of applications including security, lighting, HVAC & energy management, entertainment, and smart kitchen presents a key factor driving the market.
- Rising demand for the smart home automation systems to increase connectivity, convenience, and safety are boosting the market.
- Growing disposable income and changing lifestyle of a large number of the population due to urbanization prove to be a major driver of the market.
- High cost of the automatic system installation acts as a major challenge that can hamper the market expansion in the coming years.
- Increasing access of Internet of Things (IoT) and wide penetration of consumer electronic devices such as smartphone and laptops are key factors offering lucrative growth opportunities of the market.
Scope of Smart Home Automation Market Report
The market report market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Home Automation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technology (Wireless, Cellular, and Others), Component (Software, Hardware, and Service), and Application (Lighting, Security, Entertainment, Smart Kitchen, and HVAC & Energy Management)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Control4 Corporation; ABB Ltd.; Honeywell International Inc.; Crestron Electronics, Inc.; Johnson Controls; Ingersoll-Rand plc; Leviton Manufacturing Company, Inc.; Legrand SA; Lutron Schneider Electric; Electronics Co., Inc.; and Siemens AG.
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Smart Home Automation Market Segment Insights
Wireless segment is expected to grow at a rapid pace
Based on technology, the global smart home automation market is divided into wireless, cellular, and others. The wireless segment is expected to grow at a rapid pace during the forecast period as the adoption of wireless technology is low set-up cost and more convenient to use. However, the cellular segment is anticipated to hold a key share of the market in the coming years due to wide use of the automation using the cellular devices and rising demand for technologically advanced solutions.
Service segment is projected to expand at a considerable CAGR
On the basis of component, the market is divided into software, hardware, and service. The service segment is projected to expand at a considerable CAGR during the forecast period due to wide availability of services for easy installation of automation devices and rising demand for smart services. On the other hand, the hardware segment is anticipated to account for a major market share during the forecast period due to increasing demand for advanced hardware to maintain the home environment aesthetically appealing and attractive.
Smart kitchen segment is expected to witness a significant growth rate
Based on application, the global smart home automation market is divided into lighting, security, entertainment, smart kitchen, and HVAC & energy management. The smart kitchen segment is expected to witness a significant growth rate during the forecast period due to wide adoption of the smart technology for kitchen space. The idea of smart kitchen is largely popular as the disposable income of several group of people are increasing significantly over the years. However, the entertainment segment is anticipated to hold a key share of the market in the coming years owing to rising demand for improved entertainment appliances that facilitate energy efficiency and easy home management insights.
North America is anticipated to constitute a key market share
In terms of region, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to early adoption of advanced technology and presence of a large number of population for smart home designing methods. On the other hand, the market of Asia Pacific is projected to exhibit a healthy growth rate during the forecast period due to rising investments in architecture to improve standard of living and rising demand for HVAC & energy management in the region.
Segments
The global smart home automation market has been segmented on the basis of
Technology
Component
- Hardware
- Software
- Service
Application
- Security
- Lighting
- Entertainment
- HVAC & Energy Management
- Smart Kitchen
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global smart home automation market are Control4 Corporation; ABB Ltd.; Honeywell International Inc.; Crestron Electronics, Inc.; Johnson Controls; Ingersoll-Rand plc; Leviton Manufacturing Company, Inc.; Legrand SA; Lutron Schneider Electric; Electronics Co., Inc.; and Siemens AG. Key players have undertaking various development methods including product launch, new product developments, and collaboration to enhance their market position.
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