Home Automation Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application, (Lighting, Safety And Security, Access Control, Entertainment, HVAC, Others), By Network Technology (Wireless, Wired), And By Geography - Forecasts From 2022 To 2027

The home automation market is projected to grow at a CAGR of 12.18% during the forecast period to reach US$153.802 billion in 2027 from US$68.813 billion in 2020.

Home automation is known to be a utilization of terminals that can control home appliances and equipment. Home automation includes centralized control of lighting, security checks and locks for home access, HVAC control, and others. Smart home automation is an automation system that provides multiple benefits to the end users such as security from theft, Reduced energy spending, and also the protection from unauthorized access to the home.  Home automation market solution is gaining popularity not only in the residential areas but also in the hospitality sectors in order to protect their personal and commercial assets such as hardware infrastructures, buildings, personal belongings, and others.

Rapid mobile connectivity along with technological advancements, rising awareness for low power consumption devices, changes in consumer lifestyle, rising security concerns, and even favorable government regulations are known to be a few major drivers of the home automation market.

In addition to this, the growth in the Internet of Things market as well as the construction industry is further fueling demand for the home automation market.

Increasing customers’ interest in smart home technologies.

In recent times smart technology has been growing exponentially which is just transforming the home automation system. With the introduction of controlling devices and appliances, smart technology has been voted all of these into self-diagnosing devices.  smart technology has also led to smart entertainment, Smart kitchen, and advanced self-healthcare among others resulting in automation getting stronger and smarter.

 Moreover, the significant rise in the adoption of smart speakers is indicating users’ shift towards operations that are automatic in that operation through only voice commands. Similarly, the implementation of smart functionalities such as light automation, television, and face recognition smart doors, among others are expected to drive the global automation market growth.

The growing innovation of proper security systems is regarded to be another growth factor for the market. The automation industry is known for its high precision management and its flexibility along with being a highly adaptive technique for lodging management. In this regard, the security system is expected to be a rapidly developing sector. For instance, in September 2020, ADT Inc. Announced a long-term partnership with Google LLC with the intent to offer smart home security solutions across the United States.  Moreover, in order to boost the smart home security solution, Google further led with the investment of USD 450 Million in ADT Inc.

North America is estimated to rise significantly during the forecast period

North America is expected to hold the highest share in the market of home automation due to the changing consumer lifestyles as well as technological advancements which are helping to adopt a more efficient automation system in the region. Favorable government policies, rising electricity prices as well as the rapid growth of the real estate industry are helping to increase the demand for home automation in the North American region.

The rising inclination towards advanced technologies in the North American region such as the Internet of Things and even artificial intelligence with a higher disposable income drive is increasing the demand for smart technologies which is resulting in the growth of this market. Also, multiple start-ups are emerging in the region which is contributing to the market growth.

Asia Pacific is expected to witness rapid growth during the forecast period owing to the increasing investment in smart technologies where China is expected to dominate the region’s share owing to its dominant presence of key smart device manufacturers.

 Market Key Developments

• In August 2020, Hero Electronix launched a wide range of security systems under Qubo Shield to provide continuous end-to-end security of all appliances. It is imperative in covering threats such as intrusion, theft, gas, fire alert, leak etc. The company has also launched an AI-based safety device to detect persons without masks in nearby places.
• In September 2020, ZunRoof, which is known to be a technology startup entered the home security sector with its newly launched smart devices and security products. The company aims to offer smart products for stay-at-home safety.
• In February 2019, Harman Professional Solutions partnered with Zoom Video Communications, Inc. to improve its solutions for controller applications in commercial environments. This partnership resulted in the creation of the AMX Acendo Core Collaboration System and the Zoom Meetings service with the Zoom Rooms Controller app.

Home Automation Market Scope:

Segmentation:

• By Application
  • Lighting
  • Safety and Security
  • Access control
  • Entertainment
  • HVAC
  • Others
• By Networked Technology
  • Wired
  • Wireless
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Indonesia
    • Others