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

Home Automation System Market size was valued at US$ 50.79 Bn. in 2022 and the total revenue is expected to grow at 6.59% through 2023 to 2029, reaching nearly US$ 79.4 Bn.
Home Automation System Market Overview:
This system is also called as a smart home. Home automation is a smart, innovative and trending concept. Home automation system based on technology advancement which is controlled with an internet of things that is you can monitor home operations conned with the smart device. It offers safety, convenient, lower unit cost, and efficient energy saving. Home automation system control lighting and mechanical system.



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The home automation system market is segmented by applications, by component (service, product), by technology and by region. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, info graphics, and presentations. The study discusses the home automation market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the home automation system market situation.

Impact of COVIDE 19 on the Home Automation System Market:

COVID virus is spread by touching. As scientists said COVID grams live on surfaces for a few hours or days that time people adopt a home automation system to avoid touching gets, wall switches, or other surfaces. Thanks to this demand for home automation systems in the forecast period and shows huge growth in COVID 19.

There is a huge demand for medical equipment and technology.in fact, 79%of healthcare providers plan to add home automation in the next 24 months. In October 2020, STRATIS and Silicon Labs have collaborated to build a new smart home solution, specifically for apartment complexes. According to the VP and GM of the industrial and commercial IoT products division of Silicon Labs, they are seeing the continued demand for connected technologies extending well beyond the smart home. Because of COVID 19 people found it convenient to adopt touch less technology at home.


Home Automation System Market Dynamics:
The rise in demand for safety & security for homes is the major factor driving the home automation market

A home security system aims to protect your loved ones and property. A key component of the smart home is a security and service system and increasing consumer awareness and financial ability, product innovations (like smartphones, and apps) requirement for market differentiation and an increase in the preference for energy efficient systems. home automation is designed to automate or monitor home security with the help of devices like cameras, smart door locks, and video door bells.

Expensive home automation is restraining the market

In 2020, according to research, 17-58% of the global population could be considered middle income.7-15 % considered upper middle class or high-class people. As per data high-cost of products currently, home automation is considered affordable only by individuals with higher net worth hence it considers a luxury but 17-58% of people which is the middle class can’t afford home automation also lack technical knowledge gives the additional burden of learning new things and the fear of errors which plays major restrain for the home automation market
Home Automation System Market Segment Analysis:
Home automation system by-product:

Home automation system segment by product: smart entertainment system is very popular in the home automation system. In today’s technology all things can be smart that is you can expect your entertainment system easily without wiring or ports. Smart TVs are usually the Center of smart entertainment systems you can add smart Speakers, Controllers And Various Bluetooth Device Such As Video Game controllers, Blu-Ray Players, Roku Devices, Stereos, Tables smartphones and more also smart devices access your home automation system.

Home automation by service:

Home automation services are sub-segmented into consulting, installation or implementation and support and maintenance. Support and maintenance are in demand if technology needs maintenance. Regular maintenance allows error free and continuing to enjoy their system

By network technology, Home automation network technology is categorized into wire and wireless. Remotely control home automation system is based on wireless sensors this system is unique for good reason you can manage a device from one place at the same time, A wireless system increases energy efficiency, home security is maximized you can control home appliances with the help of remote.


Regional Insights:
The North American smart home market recorded strong growth in 2022. The installed base of smart home systems increased by 18.0 % to reach 223.2 million at the yearend. An estimated 30.0 million of these were multifunction or whole-home systems whereas 193.2 million were point solutions designed for one specific function. As some homes have more than one smart system in use, the installed base totalled an estimated 51.3 million smart homes at the end of the year.

The consumer's first smart home purchase. The most popular point solutions to date, in terms of sold units, include smart thermostats, smart light bulbs, smart plugs, connected security cameras, and voice-controlled smart speakers.

The objective of the report is to present a comprehensive analysis of the Home Automation System 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, including 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 analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Home Automation System market dynamics, structure by analyzing the market segments and project the Home Automation System market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Home Automation System market make the report investor’s guide.
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Home Automation System Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $50.79 Bn.


Forecast Period 2023 to 2029 CAGR:
6.59 %
Market Size in 2029:
US $ 79.4 Bn.


 Segments Covered:
by Component
Product
  Security and safety
  HVAC
  Wellness Monitoring
  Smart appliances
  Smart entertainment
  Smart lightning
  Other
Service
    Consulting
    Installation or Implementation
    Support and Maintenance


by Technology
wired
Wireless
Power line based



Home Automation System Market, 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)
Key Players are :
1. ABB LTD
2. Johnson controls international plc
3. Crestron electronic
4. Siemens AG
5. Control4 corporation
6. SchneiderElectronics
7. Koninklijke Philips N.V
8. Legrand SA
9. Honeywell international Inc
10.Savant systems LLC
11.Resideo
12.Legrand
13.Ingersoll Rand
14.Leviton Manufacturing Company
15.Acuity Brands

Frequently Asked Questions:

1] What segments are covered in the 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 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 Home Automation Market by 2029?
Ans. The market size of the Home Automation Market by 2029 is expected to reach US$ 79.4 Bn.

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

5] What was the market size of the Home Automation Market in 2022?
Ans. The market size of the Home Automation Market in 2022 was valued at US$ 50.79 Bn.