Home Automation Market Present Scenario And The Growth Prospects With Forecast 2016 - 2024

 

Home Automation Market - Snapshot

The automation industry, which is in a re-evaluation stage, is witnessing significant technological advancements. Developments in building automation industry, that witnessed introduction of upgraded devices and technology, also known as Smart Home and Smart Building, has changed the way products and services are being delivered. With focus on enhancing consumer experience, these technologies are witnessing continues research and development to equip the products as per compatibility with Smart & Sustainable Home and Building projects. The home automation market is forecast to grow steadily to become US$ 124.1 Bn by 2027 from US$ 69.0 Bn in 2018, at a CAGR of 6.7%.

home automation market 01


Home automation has been gaining traction over the last decade in developed countries owing to incorporation of these products and services as a part of lifestyle and high adoption rate of advanced technology. In resonance with the same, home automation is undergoing further technological advancement in these countries, particularly in the U.S. and Western Europe, in the form of smart home automation. This is considered to be a prominent factor fueling the growth of the home automation market in North America and Europe. Moreover, the market for home automation products and solutions in developing economies across the globe such as China, India, and Brazil, is witnessing increasing adoption due to significant rise in disposable income of the mid-income group and rising preference for luxurious lifestyle.

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automation that is gaining traction in terms of revenue and volume is safety and security systems. Safety and security applications are anticipated to witness prominent growth during the forecast period. Among the safety and security systems, video surveillance applications contributed the largest market share of above 70% in 2018. For instance, in January 2018, Interlogix, a part of United Technologies announced new feature and new components of its UltraSync Smart Home system that provides homeowners with improved homer security and automation solutions. 

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However, access control applications are expected to grow at a prominent CAGR due to increasing concerns about burglary, particularly in developing countries. Furthermore, video surveillance services are expected to gain increased traction during the forecast period. Other applications such as HVAC and lighting systems are estimated to grow at a prominent growth rate across the world.

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