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", 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"
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The most significant factors driving the growth of the home automation system market include growing home ownership among millennials worldwide, lower insurance costs for homeowners investing in home security systems and increasing services offered by telecommunication companies, increasing use of home automation systems among the elderly population, rapid urbanization in developing countries, and rising significance of IoT technology in home automation
On-premises management to hold the largest share of home automation system market during forecast period
On-premises management was the only system available for home automation for many years. These systems are still used for HVAC, security and access control, and entertainment systems. They are ideal for connecting to a large number of smart devices from a single source. New homes generally have preinstalled on-premises management systems. Hence, the market for on-premises management held a larger share of the market in 2019. On-premises management systems consist of a central hub that controls all the home automation systems in the home. It allows the user to control lights, thermostat, HVAC, audio and video streaming devices, and other home appliances from a single source. This type of home automation system is most popular in upscale private residences that have a large number of smart devices. This management system is also widely used with home automation security systems. On-premises central control systems are run through a wall-mounted terminal. This setup is also commonly used for home security systems. The central hub can also be accessed by a remote-controlled device, smartphone, tablet, or computer.
Entertainment & other control segment to hold the largest share of home automation system market during forecast period
The entertainment & other controls segment held the largest share of the home automation system market in 2019. Automated home audio and volume controllers are used to control the audio and video played in the house or to customize what is playing in each room individually. There are numerous commercial systems that can be purchased in the market, or the user can also get a system custom-built or homemade. The emergence of voice-controlled speakers such as Google Home and Amazon Echo has greatly expanded the market for entertainment controls. Other controls include smart meters, smoke detectors, smart plugs, smart window blinds, smart locks, and smart hubs which are commonly found in many homes as they are standalone devices.
Behavioral type of software and algorithm segment to hold the largest share of home automation system market during forecast period
Behavioral type of software and algorithm analyzes energy-related data from various home automation devices and sensors and forwards it to the end users. This category of software and algorithm is restricted to transmitting and receiving the data and does not perform intelligent actions, unlike the proactive type. Moreover, it provides direct feedback to the end user, thereby providing basic information regarding the real-time energy data as well as the historical data of energy usage. This type of software and algorithm has limited data processing that is useful for consumers. The smart energy meter is one such device that is exclusively behavioral type. Smart energy meters provide real-time data about the energy consumption of various devices in the house. The data that can be accessed through a smartphone or a touchscreen panel is only for monitoring energy usage by the homeowners. Open-source software such as openHAB and Home Assistant are examples of behavioral software and algorithm. They mainly provide control and usage statistics for various home automation systems.
North America to hold the largest share of home automation system market during forecast period
Factors such as the increasing demand for reliable home energy management systems; enhanced home security levels; improved device standards; and the growing popularity of integration of smart devices, such as tablets, smartphones, and standalone voice assistants, in homes are driving the market in North America. This region is also home to some of the key players in the global home automation system market, such as Resideo (US), Acuity Brands (US), ADT (US), Control4 (US), and Crestron Electronics (US). This is expected to further boost market growth during the forecast period. The COVID-19 pandemic is expected to affect North America the most, while the market in APAC is expected to be the least impacted. The North American real estate market witnessed a sharp decline in the first and second quarters of 2020, resulting in fewer home purchases despite the fall in house prices. Real estate prices are expected to drop to 10% during the pandemic due to reduced real estate bookings. As a result, many existing and potential home automation buyers in North America are deferring their purchases during the pandemic to avoid excess spending.
Major players in the home automation system market are 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 precision farming market.
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