Key Emerging Trends in Home Automation System Market
Posted by edwardzmusso on January 30th, 2023
The home automation system market is projected to grow from USD 40.8 billion in 2020 to USD 63.2 Billion by 2025, at a CAGR of 9.1% from 2020 to 2025. Home automation refers to the automation and security of home & household activities. It may be used for isolated programmable devices, such as thermostats and sprinkler systems. Home automation precisely describes homes in which lights, appliances, electrical outlets, heating & cooling systems, and others are connected to a remotely accessible network. Thus, home automation systems enable power savings and also help in enhancing the standard of life.
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Cloud-based management system to register highest CAGR in global home automation system market during 2020 - 2025
Cloud-based systems are easy to install and program for novice users. The introduction of home automation devices that can be controlled through smart speakers at an affordable cost is a key trend in the market. Moreover, the market in the APAC is expected to witness the highest growth due to the affordability of home automation systems utilizing cloud-based management. Affordable home automation systems are key for first-time buyers in developing countries due to their relatively low income., Majority of DIY home automation systems utilize cloud-based management, as cloud-based management systems are easy to set up an install, hence cloud-based systems management is expected to grow at a higher rate during forecast period.
Based on software and algorithm, proactive segment accounted for highest CAGR
By software and algorithm, the home automation system market has been segmented into behavioral and proactive. Proactive type of software and algorithm not only transfers the energy consumption data to the end users but also gives a better sense of responsibility to the users as to what action should be taken on the information received. This type can carry more amount of data than the behavioral system. It gives the end user inputs on effective energy usage and how to act and preferences of the individual user. The algorithms associated with the proactive type can also perform a comparative analysis of usage patterns based on the time of the day, historical data, and weather conditions. Proactive solutions are more beneficial as they not only send recommendation signals to end users but are also capable of making intelligent decisions and actions on behalf of the user. For instance, if a homeowner forgets to turn on security cameras when leaving the house, the smart hub can detect the proximity of the user’s smartphone and automatically turn on the security systems if required. Smart thermostats can optimally adjust the temperature based on the movement and usage pattern of the residents. Software from major home automation providers such as Resideo (US), Legrand (France), and Savant (US) offer proactive software.
APAC to register highest CAGR in global home automation system market during 2020- 2025
Rapid real estate and housing development in Asia Pacific are fueling the market for all types of home automation products. Cost-sensitive buyers invest more in security and access controls than other home automation products, leading to higher market growth in the region. Asia Pacific is expected to register the highest growth during the forecast period due to the rapid interest in entertainment and security controls. Moreover, to reduce the energy consumption in residential buildings, government has implemented various energy efficiency policies and programs, including green building ratings, building energy codes, minimum energy performance standards, voluntary rating programs, and energy-efficiency retrofits in existing buildings.
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Major players in the home automation system market include Resideo (US), Legrand (France), Schneider Electric (France), Johnson Controls (Ireland), Siemens (Germany), Ingersoll Rand (US), ABB (Switzerland), Leviton Manufacturing Company (US), Control4 (US), Crestron Electronics (US), Acuity Brands (US), Lutron (US), Remote Technologies Incorporated (US), Elan (US), ADT (US), AMX (US), Develco Products (Denmark), Vantage Controls (US), Savant Systems (US), and SmartThings (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global home automation system market.
News also Covered: https://www.prnewswire.com/news-releases/home-automation-system-market-worth-63-2-billion-by-2025--exclusive-report-by-marketsandmarkets-301180467.html
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Joined: February 8th, 2021
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