Home Automation Market: Global Industry Analysis and Forecast (2023-2029)

Home Automation Market was valued at US$ 83.14 Bn. in 2022. Global Home Automation Market size is expected to grow at a CAGR of 74.5 % through the forecast period.
Home Automation Market Overview:
Home automation is a system that combines hardware and software to offer the user control over the equipment and appliances inside the home's walls. It consists of a network of hardware electronic interfaces for communication. It is a type of building automation also known as a smart home or smart house. The devices are interconnected through the internet and can be controlled remotely from a smartphone or tablet.

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2021 is considered as a base year to forecast the market from 2022 to 2029. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analysis especially with the impact of lockdown by region.
Home Automation Market Dynamics:
The market for home automation is anticipated to develop significantly during that time. The growing usage of the Internet of Things in emerging nations is what is driving the need. It is also projected that changing customer tastes and preferences and rising disposable money would stimulate market expansion. Changes in the opulent and elegant lifestyle as well as a shift in consumer attention from traditional homes to smart homes are also anticipated to promote market growth. In addition, increased consumer awareness of energy-efficient practices, a steep rise in electricity prices, and technical improvement are projected to support market expansion for home automation. Additionally, it is anticipated that growing safety and security concerns would encourage the use of home automation systems, ultimately spurring market growth.

The desire for devices that work with both Android and Apple devices has increased as smartphone usage has expanded. The desire for luxury home automation systems has increased among millennials and baby boomers because to how practical and simple these devices are to operate. Additionally, any gadget may now be connected to the internet or via bluetooth thanks to improvements in IoT and AI technology. Generation Z and baby boomers can use these devices with ease thanks to their convenience. As a result, the demand for luxury home automation systems like smart bulbs and others has surged since the introduction of AI gadgets like Google Home, Alexa, and Siri. For instance, a smart phone or an app can be used to turn on and off a smart lamp.

Home automation's high initial cost as well as the lack of standardization and knowledge of home automation devices are expected to restrain the market's expansion.

The effectiveness and practicality of home automation systems were increased by the integration of cutting-edge technologies like machine learning, AI, and IoT. However, appliances and solutions for automation are pricey. As a result, it is anticipated that these devices will sell less well in low- and middle-income countries. The home automation market's sales are likely to suffer as a result of this high price among consumers with low disposable incomes.
Home Automation Market Segment Analysis:
Based on Component, software is dominating the market with XX% market share, in addition to communicating energy consumption statistics to end users, proactive software and algorithms also instil in them a higher sense of accountability for the activities that should be taken in response to the information received. Since proactive solutions are capable of acting on behalf of end users and making informed decisions, they are more advantageous than reactive ones. The proactive type of software and algorithm market segment is anticipated to grow more quickly as a result of the widespread adoption of proactive types of software and algorithms in home automation devices.



Based on the Application, the home automation system market is segregated into HVAC, Entertainment, Lighting, and Safety & Security. The lighting control system is dominating the market during the forecast period because smart lighting systems have eco-friendly features like adjusting brightness based on daylight availability or the presence of people in the room, which saves energy, segment expected to hold xx% market share by 2029. While this is a good feature for homeowners, smart city technology may go farther and incorporate dynamic lighting that shuts off when no one is around or there are no moving cars.
Home Automation Market Regional Insights:
North America region dominated the market with XX % share in 2021. The Asia Pacific region is expected to witness significant growth at a CAGR of XX% through the forecast period. Sales in the North American home automation market will increase, thanks to the adoption of smart entertainment devices and rising home ownership in the United States.

The significant increase in APAC can be attributed to both the area's rapid economic boom and a boost in housing and real estate construction. A sizeable portion of the world's population resides in the area, and thanks to the region's improved economic conditions, more and more homeowners have enough discretionary income. Energy savings made possible by home automation systems directly translate to lower electricity costs.

The objective of the report is to present a comprehensive analysis of the Global Home Automation Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Home Automation Market dynamic, structure by analyzing the market segments and projecting the Home Automation Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, Type portfolio, growth strategies, and regional presence in the Home Automation Market make the report investor’s guide.
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Home Automation Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 83.14 Bn.


Forecast Period 2023 to 2029 CAGR:
74.5%
Market Size in 2029:
US$ 4096 Bn.


 Segments Covered:
by Type
Managed
Do it Yourself (DIY)
Mainstream


by Application
Entertainment
Safety & Security
Lighting
HVAC


by Component
Hardware
Software
Services



 by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
 Key Players:
1 Honeywell International, Inc.
2 Resideo
3 Legrand
4 Schneider Electric Se
5 Johnson Controls, Inc.
6 Siemens AG
7 AMX
8 Ingersoll-Rand PLC
9 Canary
10 ABB Ltd.
11 Control4 Corporation
12 Crestron Electronics, Inc.
13 Leviton Manufacturing Company, Inc.
14 Lutron
15 Elan home systems
16 Fueblabs
17 Harman International
18 Vera
19 Home brain
20 Oakter
21 Silvan Innovation
22 Top of Form
23 PERT
24 Acuity Brands, Inc.
25 Samsung Electronics Co., Ltd.

Frequently Asked Questions:

1] What segments are covered in the Global Home Automation Market report?
Ans. The segments covered in the Home Automation Market report are based on Type, Component and Application.

2] Which region is expected to hold the highest share in the Global Home Automation Market?
Ans. North America region is expected to hold the highest share in the Home Automation Market.

3] What is the market size of the Global Home Automation Market by 2029?
Ans. The market size of the Home Automation Market by 2029 is expected to reach US$ 74.5 Bn.

4] What is the forecast period for the Global Home Automation Market?
Ans. The forecast period for the Home Automation Market is 2023-2029.

5] What was the market size of the Global Home Automation Market in 2022?
Ans. The market size of the Home Automation Market in 2021 was valued at US$ 83.14 Bn.