Home Automation Market Focuses On Companies, Opportunities, Market Size, Growth, Revenue & Forecast 2019 - 2027
Rapid Development of Smartphone-controlled Applications Fuel Global Home automation Market
Home automation is gaining traction in many countries these days, thanks to growing customer preference home automation services. High rate of adoption of technology is further adding fuel to the global home automation market. The market is also becoming increasingly popular owing to rapid development in the smartphone controlled applications.
There are several growth factors propelling the growth of the global home automation market. Increase in smartphone-controlled applications that are capable of supervising home appliances from a remote location is substantially driving the growth of the market. Increased government initiatives across the globe to set up smart homes are adding fuel to the market.
In a survey on 1000 American households has been conducted by Alarm.com, a US based technology company. The survey revealed that almost 48% of the participants were excited about the smart-home solutions, though 59% are bewildered about the wide variety of products available in the market. The survey participants placed high priority on the security that smart homes would offer and comfort, energy savings come next to security
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Home Automation Solutions to Improve the Quality of Life of Disabled People
Governments of many countries are taking initiatives in implementation of home automation system as it leads to efficient use of electricity, improved security levels and more comfort for the people.
The global home automation market is likely to derive substantial impetus from its use by differently-able people, who are more likely to be exposed to the issues of daily life than other people. While people suffering from Alzheimer disease can keep the main door open and then forget, a deaf person cannot hear the doorbell or a blind person find it extremely difficult to make his or her way to the door. Home automation solutions offer considerable benefits to such people, thereby improving the quality of life for them. Smart homes offer safe environment to them and empower them with a sense of security. Home automation solutions also enable the user to regulate several features. Remote monitoring can also alert people in case any threatening situation arises.
On the other hand, lack of awareness about home automation solutions and high cost of installation impede the growth of the global home automation market.
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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 market for home automation 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 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. In terms of geographic markets, the Asia Pacific home automation market is anticipated to witness prominent growth rate during the forecast period. The home automation market in this geography is expected to be fueled by the increasing adoption in India, which is analyzed to grow at a compound annual growth rate of over 7% during the forecast period. Furthermore, other Asian countries, for instance Indonesia, Taiwan, and South Korea, are projected to fuel the growth of the home automation market during the forecast period in this geography.
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Additionally, home 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. 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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