Home Automation Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024
Global Home Automation Market: Overview
The rising requirement for functions such as the exceptional experience provided by smart home automation and convenience of remote operation is expected to boost the global home automation market. This industry is anticipated to see an elevation in share due to the increasing acceptance of devices or systems in a lot of apps such as lighting, security, HVAC & energy management, entertainment, and smart kitchen. This tech has developed with rising preference amongst users for connectivity, convenience, security, and safety that are anticipated to power development of the global home automation market.
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Global Home Automation Market: Growth Factors
Growing geriatric population and rising urban population have generated the requirement to integrate the concept of smart home automation so as to deal with the arising hurdles. The chances for the improvements of home automation employing applications, mobile, and other platforms over various time frames is anticipated to be huge thus propelling the global home automation market.
In addition to this, the rising penetration of Internet of Things (IoT) and enhancement of Internet accessibility that assists in the shift to direct digital controls for enhanced M2M (machine to machine) communication have motivated consumers to accept the technology of smart home automation, thereby boosting the global home automation market growth. On the other hand, factors such as high installation cost and less awareness might cause a challenge to the demand of the global home automation market over the future period.
Global Home Automation Market: Segmentation
On the basis of the component, the global home automation market has been divided into software, hardware, and service. The hardware sector is expected to control the component segment.
On the basis of application, the global home automation market has been bifurcated into lighting, security, HVAC & energy management, entertainment, and smart kitchen.
On the basis of technology, the global home automation market has been classified into wireless, cellular, and others. The wireless segment is expected to rule the market of wearable camera product.
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Global Home Automation Market: Regional Analysis
The region of North American is expected to be the main regional sector due to the large user base and well-established manufacturers. The region added up to biggest income share and is anticipated to develop in the forecast period thereby fueling the growth of the global home automation market. The European, North American, and Asia Pacific areas are expected to stay the main income generating sectors for the global home automation market in the forecast period.
The Asia Pacific region is encountering a strong development in disposable revenue due to the macroeconomic incentive, which is expected to boost the market development. Innovative techs, such as voice-based smart home gadgets, and increasing geriatric user base are the main factors powering the demand of global home automation market over the forecast period.
Global Home Automation Market: Competitive Players
Important market players in the global home automation market are Control4 Corporation, ABB Ltd., Honeywell International Inc., Crestron Electronics, Inc., Johnson Controls, Ingersoll-Rand plc, Leviton Manufacturing Company, Inc., Legrand SA, Schneider Electric, Lutron Electronics Co., Inc., and Siemens AG.
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Global Home Automation Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa
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