January 17, 2018: Adroit Market Research published a study titled, “Global Home Automation Market Size 2017 by Type [Custom automation (luxury) systems, Mainstream automation systems, DIY (Do-It-Yourself) automation systems and Managed home automation services], by Application (Lighting, Safety and security, HVAC, Entertainment, Energy management and Others), by Technology (Wired systems, Power-line systems, Computing networks and Wireless systems), by Region (North America, Europe, Asia Pacific, Central & South America and Middle-East & Africa) and Forecast 2018 to 2025”. The study covers the global home automation market revenue for a period ranging from 2015 to 2025, in which, 2015 to 2017 indicate the actual annual revenue and the forecast revenue is from 2018 to 2025. The global home automation market report also includes qualitative insights such as the value chain analysis, drivers, restraints, PESTLE analysis, regulatory framework, and Porter’s five forces analysis. The global home automation market 2018 gives a complete view encompassing consumption, import and export for key regions and countries.
The global home automation market size is anticipated to reach USD 46.22 billion by 2025 owing to the growing popularity of Internet of Things (IoT) and rapid adoption of smartphones and other gadgets. Upcoming wireless technologies such as 5G, Bluetooth, ZigBee, Z-Wave and other proprietary protocols will have a significant impact on the overall growth of home automation market in coming years.
With growing awareness of new home automation technologies and rising preference to luxurious lifestyle in developing economies have fuelled the growth of global home automation market. Furthermore, growing concerns of efficient energy usage and increasing awareness of safety & security among the consumers will collectively drive the home automation market across the globe. However, high initial costs and lack of high speed internet connectivity are few challenges that could hamper the growth of home automation market.
The home automation market is vastly being disrupted by the inception of voice assistants. This trend of integrating of voice assistants with the home appliances is on a rise as, it is much simpler to give voice commands rather than carrying a smartphone every time. One of the major challenges that could be faced in the future is the interoperability of different devices and applications. Given the relevance of voice assistants, the partnership between the stakeholders will be more important. Also, home automation market will also have a significant impact in the insurance industry. Insurance companies have started partnering with home automation manufacturers by leveraging different devices as a part of an insurance product. For instance, Roost, which is a home automation vendor has partnered with numerous insurance companies such as Aviva, Liberty Mutual, Bankers Insurance Group, Desjardins and others.
In 2017, North America had the highest market share in the global home automation market, followed by Europe, Asia-Pacific, central & South America and Middle-East & Africa. This is mostly due to high awareness among the consumers and technological advancements in the US and Canada. Almost all the major players in the world originate from the North American and European region, but Asia-Pacific countries are catching up with speed in terms of investments in home automation.
The home automation market is highly fragmented with both local and global players. Also, due to lack of standardization, many players are competing in the market with their own proprietary technologies. Some of the prominent players in the global home automation include Siemens AG, Crestron Electronics Inc., Control4 Corporation, Zigbee alliance, ABB, Nest Labs, Google Inc., Apple Inc., AT & T, Vantage Controls (Legrand) and others.
Key segments of the global home automation market
Type Overview, 2015-2025 (USD million)
- Custom automation (luxury) systems
- Mainstream automation systems
- DIY (Do-It-Yourself) automation systems
- Managed home automation services
Application Overview, 2015-2025 (USD million)
- Safety and security
- Energy management
Regional Overview, 2015-2025 (USD million)
- North America
- Asia Pacific
- Central & South America
- Middle-East & Africa