Smart Home Automation Market Set to Witness an Uptick during 2018 to 2025
Posted by Mrudula Anil Karmarkar on April 29th, 2021
The global smart home automation market size is expected to reach USD 130.0 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for the convenience of remote and real-time operation of smart home automation system has increased the growth and penetration of the smart home automation. Increasing urban and geriatric population have created the need to incorporate smart home automation concept in order to address the arising challenges. Further, increase in demand of smartphones and easy accessibility of internet are expected to fuel growth in the demand for the in the coming future. The growing adoption of the automation in security, lighting, HVAC, energy management, and smart kitchen arenas is anticipated to revolutionize the market by 2025.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
The market has been segmented based on varied technology of smart home automation, such as cellular, wireless, and others. Based on applications, the market has been segmented into security, lighting, entertainment, HVAC & energy management, and smart kitchen. The entertainment sector is the biggest application sector in terms of size and is expected to dominate for the forecast period owing to high demand of home theaters, touchscreens, audio/video controls, and other entertainment controls.
The growing awareness and popularity of smart home automation is encouraging manufacturers to invest in research & development for creating better products. Manufacturers are making significant investments to simultaneously develop several new products in an effort to enhance the users experience. Researchers are focusing on innovating reliable and cost-effective products.
Further key findings from the report suggest:
This industry is expected to witness an increase in share owing to the growing adoption of systems or devices in a number of applications such as security, lighting, entertainment, HVAC & energy management, and smart kitchen. This technology has evolved with increasing preference among consumers for convenience, connectivity, safety, and security which are expected to fuel growth in the demand for the smart home automation systems.
Increasing urban population and growing geriatric population have created the need to incorporate smart home automation concept in order to address the arising challenges.The opportunities for the advancements of smart home automation system using mobile, applications and other platforms over different time spans is expected to be enormous.
Moreover, the advancement of Internet accessibility and the growing penetration of Internet of Things (IoT) which helps in the move to direct digital controls for better machine to machine (M2M) communication have encouraged users to adopt the smart home automation technology, thereby driving market growth. However, factors such as less awareness and high installation cost associated with the devices may pose a challenge to the market demand over the forecast period.
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Key industry participants of the market are ABB Ltd. (Switzerland), Control4 Corporation (U.S.), Crestron Electronics, Inc. (U.S.), Honeywell International Inc. (U.S.), Ingersoll-Rand plc (Ireland), Johnson Controls (U.S.), Legrand SA (France), Leviton Manufacturing Company, Inc. (U.S.), Lutron Electronics Co., Inc. (U.S.), Schneider Electric (France), and Siemens AG (Germany). Key players are indulged in undertaking strategic initiatives such as new product developments, continuous upgrades of current product lines to offer avenues for increased profitability through better customer relationships.
Grand View Research has segmented the global smart home automation market based on component, technology, application:
Smart Home Automation Component Outlook (Revenue, USD Million; 2014 - 2025)
Smart Home Automation Technology Outlook (Revenue, USD Million; 2014 - 2025)
Smart Home Automation Application Outlook (Revenue, USD Million; 2014 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 848
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