With 9.1% CAGR, Home Automation System Market Growth to Surpass USD 63.2 billion
Posted by edwardzmusso on August 12th, 2022
The home automation system market is expected to grow from USD 40.8 billion in 2020 to USD 63.2 billion by 2025, at a CAGR of 9.1% during the forecast period. Growing homeownership among millenials is one of the major factors driving the adoption of home automation systems. Apart from this, growing adoption of home security systems to lower insurance costs is another market driver.
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IoT connectivity is important for smart home connectivity; home automation devices that are connected through the internet can be controlled simultaneously. Modern IoT-based home automation solutions can learn about user habits and determine patterns using complex algorithms through cloud computing. For instance, the latest smart thermostat from Google Nest (US) utilizes learning features to automatically adjust the house temperature according to the homeowner’s preference. It monitors occupant location in real-time and turns the heating system on or off accordingly. IoT has enhanced the quality and efficiency of home automation systems by linking devices and sensors to the cloud, allowing them to exchange data securely. Connected home automation systems communicate with devices through the cloud; it helps to monitor and adjust key areas of the home remotely. Moreover, IoT-based security systems are safe because they are authenticated with passwords to avoid hacking. IoT is integrated with cloud computing as the data can be stored online (on the cloud) and can be accessed from anywhere. It is expected that with the use of adaptive learning technology through IoT and cloud platforms, next-generation home automation systems will be able to distinguish between homeowners and guests by analyzing their biometrics such as fingerprints or body temperatures so that they can better adapt to individual needs. Hence, companies investing in IoT are expected to have a technological advantage over its competitors.
Inclusive communication protocols are slowly being phased out. As present consumers continue to seek smart home devices that emphasize compatibility and functionality, companies have to develop technologies that allow for a unified control interface that can connect previously isolated devices and protocols. Single apps or platforms are being developed that give consumers the ability to integrate and control all of their devices with a single interface, which greatly enhances user convenience. The emergence of open protocols such as ZigBee and Z-Wave, and the trend toward smart home device interoperability will continue to accelerate and gain more traction in the future. As users will be able to control home automation systems from different manufacturers from a single source, this flexibility is expected to increase adoption of home automation systems.
With the rise of AI assistance such as Amazon Alexa and Google Assistant, users control their home automation systems using smartphones. Voice recognition and language processing technologies are becoming increasingly important in helping consumers control their smart homes through voice commands. Large companies such as Apple (US) and Google (US) are investing millions of dollars in technologies, wherein a person can speak into their smartphone to control the lighting, thermostat or other systems. Home automation companies are also integrating voice-controlled technologies into their devices in their latest products. This feature is expected to enhance the functionality of home automation systems.
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Emerging nations are witnessing rapid urbanization with the development of smart cities. In emerging nations, the concentration of housing development in cities has resulted in the growing demand for improved housing infrastructure. This would ultimately lead to the deployment of home automation systems in newly constructed, modern housing projects. Thus, housing infrastructure development would boost the demand for smart HVAC controls, smart lighting, and smart locks, particularly in technologically advancing countries such as India, China, and Brazil.
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Joined: February 8th, 2021
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