Global Home Automation System Market Research Report, By Protocol & Technology (Network and Wireless), By Product (Lighting, Security and Access Control, HVAC and Entertainment Control), Software & Algorithm (Behavioral and Proactive)- Forecast till 2023
Home automation is increasing its popularity steadily due to the efficiency that it offers. Market reports associated with the semiconductor and electronics industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is anticipated to earn USD 85 Billion in earnings while expanding at an 11% CAGR in the forecast period.
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The convenience, comfort, better quality of life features of implementing home automation systems are increasing the market share substantially. The market is expected to develop further due to advances in technology that are taking place in this market. The market’s landscape is expected to be considerably transformed due to the rising penetration of IoT and mobile devices in the coming years.
The market for home automation systems is segmented on the basis of product, protocol & technology, wireless and software & algorithm. On the basis of product, the market is segmented into climate control, lighting control, HVAC control, security and access control, entertainment control, energy management control, and others. The protocol & technology basis of segmenting the market comprises of network and wireless. The network technology basis of segmenting the market consists of GSM/HSPA, CDMA, and LTE network. The segmentation on the basis of wireless technology consists of IR, Z-wave, Bluetooth, Zigbee, Wi-Fi, etc. On the basis of software & algorithm, the market is segmented into proactive and behavioral.
Detailed Regional Analysis
The analysis of home automation system market in terms of regions spans Europe, North America, Asia Pacific and the rest of the world. The North American region is anticipated to control the home automation system market through the forecast period owing to the existence of chief companies in the region. Similarly, the intensifying demand for domestic energy management systems in this region is another main motivating factor for the development of the market. The APAC region is anticipated to observe strong growth owing to the growing number of original residential projects.
The ability in utilizing the economies of scale is proving to be beneficial for the market’s complete growth. The market is at a peak production level and will be able to generate better value for the companies in the market and its shareholders. The market has also noticeably neutralized the market trials and thus is encouraging a boost in the number of firms in the market. The diversification of the product variety in the market is developing the prospects for the advancement of the market. The organization inclination in the market is reinforcing the level of expansion that can be achieved in the current market scenario. The development samples are modified in tandem to the customer penchant to realize the greatest growth, and in the long term, viability.
The notable contenders in the home automation system market comprise of Schneider Electric Se (France), Acuity Brands, Inc. (U.S.), Johnson Controls Inc. (U.S.), Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Legrand (France), Siemens Ag (Germany), Crestron Electronics, Inc. (U.S.), ABB Ltd. (Switzerland), Samsung Electronics Co., Ltd. (South Korea), among others.