The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global smart home automation market is expected to reach USD 130.0 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for the convenience of remote and real-time operation of smart home automation system has increased the growth and penetration of the smart home automation. Increasing urban and geriatric population have created the need to incorporate smart home automation concept in order to address the arising challenges. Further, increase in demand of smartphones and easy accessibility of internet are expected to fuel growth in the demand for the in the coming future. The growing adoption of the automation in security, lighting, HVAC, energy management, and smart kitchen arenas is anticipated to revolutionize the market by 2025.
The market has been segmented based on varied technology of smart home automation, such as cellular, wireless, and others. Based on applications, the market has been segmented into security, lighting, entertainment, HVAC & energy management, and smart kitchen. The entertainment sector is the biggest application sector in terms of size and is expected to dominate for the forecast period owing to high demand of home theaters, touchscreens, audio/video controls, and other entertainment controls.
The growing awareness and popularity of smart home automation is encouraging manufacturers to invest in research & development for creating better products. Manufacturers are making significant investments to simultaneously develop several new products in an effort to enhance the users experience. Researchers are focusing on innovating reliable and cost-effective products.
Further key findings from the report suggest:
- The growing demand for smart home automation can be accredited to the increasing preference among consumers for convenience, connectivity, safety, and security.
- The growing penetration of Internet of Things (IoT) and the advancement of Internet accessibility which helps in the move to direct digital controls for better machine to machine (M2M) communication have encouraged users to adopt the smart home automation technology.
- With the arrival of various wireless technologies such as ZigBee, Z-Wave, EnOcean, C-Bus, Wi-Fi, Bluetooth, KNX, and Thread, installation of automated systems has been simplified. Wireless technology is less invasive, have low set-up cost, and more convenient to use.
- The North American region dominated the market, accounting for the largest global market share in 2016 owing to its large consumer base.
- Key industry participants include ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Johnson Controls (U.S.), Schneider Electric (France), and Siemens AG (Germany).