Home Automation Market to Witness Robust Growth Driven by Smart Homes & IoT Integration
Home Automation Market to Witness Robust Growth Driven by Smart Homes & IoT Integration
According to a recent report published by Allied Market Research, titled, “Home Automation Market by Application, Technology, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the home automation market size was valued at $46.6 billion in 2020, and is expected to reach $239.9 billion by 2030, registering a CAGR of 17.6% from 2021 to 2030. Home automation systems have witnessed an unprecedented demand in the recent years, due to increased concerns about safety & security, especially in urban areas. Moreover, factors such as improved lifestyle, increase in disposable income of people, and surge in awareness about smart automated systems have boosted the adoption of home automation systems. However, the home automation market is in its developing stage for cities and rural regions, and, is expected to witness significant growth in the future. Metropolitan cities are anticipated to provide lucrative opportunities for the market players, owing to improvement in access to wireless technologies in these cities.
The security & safety segment dominated the market due to considerable adoption of smart technologies such smart bulb, smart camera, and smart refrigerator as compared to the other sectors. Increase in government initiatives for the development of smart cities has fueled the adoption of home automation systems.
This report discusses various aspects of the market such as the technologies and types used in home automation control. In recent times, various wired and wireless technologies are being used for monitoring and controlling the operations of smart homes and installed systems. Wi-Fi with its long-range operation capabilities contributes to the largest share.
Furthermore, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering the home automation market growth. Major players in the industry faced severe reduction in revenues during the first quarter of 2020. However, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of home automation companies at their full-scale capacities, which is expected to help the home automation market to recover by mid of 2022.
On the contrary, introduction of various plans and automation modules by key market players to cater to the increasing customer demands is anticipated to provide lucrative opportunities for the market. This is projected to act as a major opportunity for growth of the home automation market.
The home automation market is segmented on the basis of, application, technology end user and region. By application, the market is segregated into lighting, safety & security, HVAC, entertainment and others.
On the basis of technology, the market is divided into wired and wireless. On the basis of end user, the market is divided into residential and commercial. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings Of The Study
- By application, the safety & security segment was the highest revenue contributor in 2020.
- By technology, the wireless segment dominated the market in 2020.
- By end user, the residential segment dominated the market in 2020.
- Asia-Pacific region generated the highest revenue in 2020.
The major players profiled in the home automation market include ABB, ADT, Creston Electronics, Inc., Honeywell International Inc., Ingresoll Rand, Johnson Controls, Larsen & Toubro Ltd., Legrand, Samsung Electronics Co., Ltd. and Schneider Electric. Major companies in the market have adopted product launch, business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the home automation market
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