Home Automation System Market

Home Automation System Market worth $63.2 billion by 2025

The report "Home Automation System Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region - Global Forecast to 2025" The global home automation system market is projected to grow from USD 40.8 billion in 2020 to USD 63.2 billion by 2025; it is expected to grow at a CAGR of 9.1% from 2020 to 2025.

Browse 121 market data Tables and 72 Figures spread through 233 Pages and in-depth TOC on "Home Automation System Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region - Global Forecast to 2025"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/home-automation-control-systems-market-469.html

The most significant factors driving the growth of the home automation system market are growing home ownership among millennials worldwide, increasing use of home automation systems among the elderly population, and lower insurance costs for homeowners investing in home security systems and increasing services offered by telecommunication companies.

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.

Security and access control systems to hold significant share of the home automation system market during forecast period

Security and access control systems have become an integral part of the safety and security of home occupants. These systems have revolutionized home security and removed human intervention. These are installed to increase the security level, monitor activities, and keep records of people entering and exiting the building. Homeowners are investing in reliable and robust security systems for safeguarding their homes. The demand for home security solutions is growing rapidly because of various factors, such as technological advancements, a rise in crime rates, the need for medical assistance for senior citizens, and the need to monitor children at home.

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.

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.

 

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Home Automation System Market Size,  Share & Growth Report
Report Code
SE 3065
PR Published ON
11/25/2020
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