Worldwide smart home automation market is expected to reach around $203.3 billion by the end of 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, the entertainment application segment registered the highest revenue in 2017. The same year, North America contributed the majority share in the global smart home automation market.
Some of the key factors driving smart home automation market growth are listed below:
- The demand for smart home automation is mainly spurred by the growing demand for remote monitoring of homes as well as increasing costs linked to energy consumption.
- The growing use of smart home automation for developing smart cities paired with stringent government mandates concerning emissions and energy use would support market expansion.
- The increasing implementation of smart devices and Internet of Things will surge the adoption of smart home automation.
- The high penetration of mobile devices, advancements in technology, and the development of smart cities will proliferate market growth.
- The market is set to encounter immense growth in the coming years owing to new emerging markets, evolving consumer demographics, and growing awareness pertaining to efficient energy use.
According to the report, the rising concerns about energy efficiency have surged the adoption of smart home automation. These systems manage the controls of home equipment in order to improve energy efficiency. For example, the thermostat utilizes a temperature threshold to control a home’s cooling and heating systems. They can also be programmed using different target temperatures to minimize energy usage.
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Based on regional growth, North America smart home automation market registered the highest market share in the global market. Its established telecommunication industry & cloud infrastructure, growing penetration of mobile devices, technological developments, and increasing investment in research and development efforts are the primary factors driving market growth in the region. The high market share of this region is also supported by the presence of favorable government rules concerning energy usage and emissions along with surging awareness regarding the use of energy efficient gadgets. Furthermore, snowballing concerns pertaining to safety and access control, development of smart cities, and increasing adoption of IoT and connected devices, would spike the demand for smart home automation systems in the region, cites the report.
The report also delivers an in-depth analysis of the smart home automation market drivers, restraints, and opportunities over the estimated timeline. A detailed examination of the market in terms of component, technology, channel, application, and region has also been included in the report. In addition, company profiles of market majors have been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments.
The competitive spectrum of the global smart home automation market encompasses organizations such as Johnson Controls, Ingersoll-Rand plc, ABB Ltd., Schneider Electric, Crestron Electronics, Inc., Legrand SA, Siemens AG, Control4 Corporation, Honeywell International, Inc. and Leviton Manufacturing Company, Inc. The key growth strategies practiced by these companies comprise of launching innovative products and teaming up with other market leaders to design new products and serve the rising consumer needs and requirements, thereby boosting market growth over the foreseeable years.