APAC to Witness Robust Growth in Home Automation System Market until 2025
Increasing adoption of IoT
to drive the growth of global home automation system market
According to
TechSci Research report, “Global Home
Automation System Market By Component (Software, Service, Solution), By
Algorithm (Behavioral v/s Proactive), By Technology (Network Technology v/s
Wireless Technology),By Type (Luxury, DIY, Managed, and Mainstream), By
Application (Lighting Control, Security & Access Control, HVAC Control,
Entertainment Control, Others), By Region, Forecast & Opportunities, 2025”, the global home automation system market is expected to witness
significant growth during the forecast period on account of the increasing
importance of home monitoring from remote locations. Additionally, home
automation systems enable cost reduction measures thereby propelling the market
across the globe. Furthermore, increasing smartphone users and number of
internet users is anticipated to foster the growth of market during forecast
period. However, high initial investments and lack of awareness pertaining to
home automation system is expected to hamper the growth of market over the next
few years. Additionally, risk of device malfunctioning can hinder the growth of
market through 2025. Furthermore, unethical technological breaches might
restrict the growth of market during the forecast years. Moreover, lack of
skilled workforce is also a key challenge to be addressed in this market.
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The global
home automation system market is segmented based on component, algorithm,
technology, type, application, company and region. Based on technology, the market
can be bifurcated into network technology and wireless technology. The wireless
technology is expected to dominate the market owing to the rise in the adoption
of wireless broadband in household electronic devices. Based on type, the
market can be categorized into luxury, DIY, managed and mainstream. The luxury
segment is expected to hold a significant market share during the forecast period.
This can be ascribed to the increase in the adoption of luxury home automation
especially in the developing economies, while the mainstream segment is
expected to register significant growth during the next five years owing to the
flourishing construction industry. Additionally, increase in demand for retrofit
and renovated houses is further anticipated to drive the growth of this segment
through 2025. Based on application, the market can be fragmented into lighting
control, security & access control, HVAC control, entertainment control and
others. The security & access control segment is expected to dominate the
market during forecast period. This can be attributed to the rising privacy
issues, growing crime rates and other security concerns, whereas the lighting
control segment is expected to register significant growth during the forecast
period since it reduces the electricity consumption in homes as the sensors
adjust the intensity of artificial light according to the intensity of natural
light. Moreover, growing environmental concerns have helped spread awareness
regarding the importance of home automation and home energy management
measures.
Honeywell
International Inc., Legrand, Schneider Electric SE, Johnson Controls Inc.,
Siemens AG, Ingersoll-Rand PLC, ABB Ltd., Control4 Corp., Crestron Electronics,
Inc., Leviton Manufacturing Company, Inc., Lutron Electronics, Savant Systems
LLC., Zigbee alliance, AMX LLC (Harman), Tyco International Ltd., Nortek Inc.,
Acuity Brands, Inc., Samsung Electronics Co., Ltd., Nest Labs Inc., United
Technologies Corporation and others are some of the leading players operating
in global home automation system market. The companies operating in the market
are using organic strategies such as product launches, mergers and
collaborations to boost their share. For instance, in September 2019, Control4
Corp. (US) launched Smart Home OS 3 software with Google Assistant voice
control and expanded integration with third party doorbells. Also, in May 2019,
Johnson Controls Inc. (US) partnered with Evoteq (UAE) to introduce an
end-to-end integrated AI platform for smart building and districts by combining
their capabilities.
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“Asia-Pacific is expected
to witness significant growth in the home automation system market during the
forecast period, owing to the booming construction industry in in the region.
Additionally, presence of a significant number of new residential projects and
the strengthening of building infrastructure are expected to create lucrative
opportunities for the market players through 2025. Moreover, increasing
investments by key players in the region is further anticipated to fuel the
market until 2025.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Home Automation System Market By
Component (Software, Service, Solution), By Algorithm (Behavioral v/s
Proactive), By Technology (Network Technology v/s Wireless Technology),By Type
(Luxury, DIY, Managed, and Mainstream), By Application (Lighting Control,
Security & Access Control, HVAC Control, Entertainment Control, Others), By
Region, Forecast & Opportunities, 2025”, has evaluated
the future growth potential of global home automation system market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global home automation system market.
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