What is Home Automation Market Scope?
In the world of trending electronics appliances, consumers are rapidly shifting towards buying automated homes or home automation. The home automation system is a technical solution which has let to operate all the electronic and technology-based tasks within a home. It majorly merges hardware and software technologies to control devices and appliances within a smart home. These homes help in managing a luxury lifestyle with all automated services to ensure the comfort and safety of a home. Moreover with the advent use of IoT coupled with the proliferation of smartphones and gadgets in this market is driving the growth of the home automation market at a rate of double-digit.
Influencing Trend:
High Adoption Rate of Advanced Technologies Related to Home Automation and Increasing Adoption of Wireless Technology
Market Growth Drivers:
Increasing Consumer Preferences towards Home Automation System and Services, Rapid Shift towards Living a Luxury Life in Developed Countries and Growing Urbanization, and Increase in Inclination toward Automation
Challenges:
High Data Prices of Used for Home Automation and Issue Related to the Malfunctioning of these Electronic Devices Which are Used in Home Automation
Restraints:
Lack of Awareness Regarding Home Automation and High Initial Cost for Making these Automated Homes
Opportunities:
Increase in Government Initiatives towards Home Automation System Ensure Efficient Use of Electricity and Growing Smart Infrastructure and Building across the World
The Home Automation market study is being classified by Type (Luxury Home Automation Systems, Mainstream Home Automation Systems and DIY Home Automation Systems), by Application and major geographies with country level break-up.
The competitive landscape in the home automation market is expected to continue to evolve as new technologies emerge and consumers become more aware of the benefits of home automation. Companies are likely to compete on factors such as price, ease of use, and compatibility with other devices. Analysts at AMA predicts that Vendors from Global will contribute to the maximum growth of Global Home Automation market throughout the predicted period.
Abilia AB (Swedan), Savant (United States), Emerson Climate Technologies, Inc. (United States), Control4 (United States), HomeSeer Technologies, LLC (United States), Honda (Japan), TP-Link (China), Siemens AG (Germany), Crestron Electronics Inc. (United States), Nest Labs (United States), Siemens AG (Germany), ABB Ltd. (Switzerland), United Technologies Corporation (United States) and Samsung Electronics Co., Ltd. (South Korea) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Google Inc. (United States), Apple Inc. (United States), AT & T (United States), Honeywell International, Inc. (United States), Legrand (France), Johnson Controls Inc. (United States) and Schneider Electric SE (France).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Home Automation market by Type, Application and Region.
On the basis of geography, the market of Home Automation has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
February 2024: Samsung and Google expand SmartThings partnership: Samsung and Google announced an expansion of their partnership to further integrate their smart home platforms, SmartThings and Google Home (Source: Samsung Newsroom
August 2023: Matter Launch: The long-awaited Matter smart home standard officially launched, aiming to unify various smart home devices and ecosystems for better interoperability
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others
Home Automation Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Home Automation Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Home Automation industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.