Home Automation Market Growing to Exhibit a Striking Growth of USD 93.10 Billion with CAGR of 9.6% by 2029: Industry Trends, Size, Share, Top Players and Regional Analysis

TORONTO, Sept. 13, 2022 /PRNewswire/ -- Data Bridge Market research has a newly released expansive study titled "Global Home Automation Market" which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases survival and success in the market. A complete overview of the industry has been presented via this Home Automation report which considers various aspects of product definition, market segmentation, and the existing retailer landscape. This market research report is produced by using integrated advancements and the latest technology to attain the most excellent results. It becomes easy to create sustainable and profitable business strategies by using helpful and actionable market insights covered in this Home Automation report. This market research report contains various parameters of this industry. These parameters range from industry outlook, currency, and pricing, value chain analysis, market overview, premium insights, and key insights to the company profile of the key market players.

On-premises are expected to hold a larger share in the level sensors market due to for many years, on-premises management was the sole option for home automation. Data Bridge Market Research analyses that the home automation market was valued at USD 44.72 billion in 2021 and is further estimated to reach USD 93.10 billion by 2029, and is expected to grow at a CAGR of 9.6% during the forecast period of 2022 to 2029.

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Industry Overview:- Home Automation

The process of incorporating intelligent technology into houses for comfort, energy savings, and safety is referred to as home automation, also known as smart home system. Lighting, ventilation, heating, security systems, and air conditioning are all controlled and computerised using technology (HVAC).

Various types of home automation systems, ranging from premium home automation systems to DIY home automation systems, are being deployed around the world. They not only make life easier for homeowners, but they also help with home security and energy conservation.

Opportunities

In addition, the rapid urbanization in advancing countries is further estimated to provide potential opportunities for the growth of the home automation market in the coming years.

Top Leading Key Players of Home Automation Market:

• Resideo Technologies Inc. (US)
• Legrand. (France)
• Schneider Electric (France)
• Johnson Controls. (Ireland)
• Siemens (US)
• Ingersoll-Rand plc (Ireland)
• ABB (Switzerland)
• Leviton Manufacturing Co., Inc. (US)
• Wirepath Home Systems, LLC (US)
• Control4 Corporation (Canada)
• Crestron Electronics, Inc. (US)
• ACUITY BRANDS LIGHTING, INC. (US)
• Lutron Electronics Co., Inc (US)
• Remote Technologies Inc. (US)
• Elan Nortek Security & Control LLC (US)
• ADT. (US)
• HARMAN (US)
• Develco Products (Denmark)
• Savant Systems, Inc (US)
• SmartThings, Inc. (US)
• Nest Labs (US)

Recent Development

• In October 2020, The Honeywell Home ProSeries Security and Smart Home Platform is now available from Resideo (US). The ProSeries Platform extends Resideo's comprehensive portfolio of connected security systems and services by offering dealers a complete, end-to-end solution that ranges from an entry-level security system to a fully integrated smart home solution.

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The report provides insights on the following pointers:

1. Market Penetration: Comprehensive information on the product portfolios of the top players in the Home Automation market.
2. Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.
3. Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.
4. Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.
5. Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Home Automation market.

Home Automation Market Dynamics:

Drivers:

• Rise in the homeownership among millennials globally

Telecommunication firms have entered the home security sector after acquiring a significant domestic customer base through existing internet and cable subscriptions will further accelerate the growth of the market.

• Rise in the services provided by telecommunication companies

Installing safety monitoring and security devices in a home can cut a homeowner's insurance by up to 20%, according to SafeWise (US), an independent review group for testing and reviewing home security systems is further anticipated to propel the growth of the home automation market.

• Increase in the use of home automation systems

Due to the incorporation of these products and services as a part of lifestyle and a high acceptance rate of sophisticated technology, home automation has gained popularity in industrialised countries over the last decade is further contributing the growth of the market.

Restraints/Challenges Global Home Automation Market:

On the other hand, the rise in the costs regarding the purchase and deployment of home automation systems is further projected to impede the growth of the home automation market in the targeted period. However, the increase in the security concerns with home automation devices and compatibility concerns with the integration of home automation systems from different manufacturers might further challenge the growth of the home automation market in the near future.

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Segmentations:-  Home Automation Market

Product Type

• Luxury
• Do It Yourself
• Managed
• Mainstream

Technology

• Wired
• Wireless

Application                                                              

• Lighting
• Safety and Security
• HVAC
• Entertainment
• Others

Country Level Analysis:- Home Automation Market

The countries covered in the home automation market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).

Asia-Pacific dominates the home automation market due to the increase in the technological developments. Furthermore, the improved internet connectivity will further boost the growth of the home automation market in the region during the forecast period.

Europe is projected to observe significant amount of growth in the forecast period of 2022 to 2029 due to the occurrence of some leading manufacturers in automotive sector. Moreover, the rise in the investments in infrastructure to improve standard of living is further anticipated to propel the growth of the home automation market in the region in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Table of Content: Global Home Automation Market

Part 01: Executive Summary

Part 02: Scope of the Home Automation Market Report

Part 03: Global Home Automation Market Landscape

Part 04: Global Home Automation Market Sizing

Part 05: Global Home Automation Market Segmentation By Product Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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