According to a new market report published by Lucintel, the future of the home automation market looks attractive with opportunities in the residential sector. The global home automation market is expected to reach an estimated $101.1 billion by 2027 with a CAGR of 10% from 2021 to 2027. The major drivers for this market are increasing consumer need for simplicity of functioning and personalized experience, increasing awareness related to safety and security, and the growing adoption of cloud-based technologies.
In this market, home automation and control system are used in the safety and security, entertainment, lighting, and HVAC application. Lucintel forecasts that the safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology to provide single platform for high level of control, flexibility, and to deliver the best entertainment experience.
Within the home automation market, managed service is expected to remain the largest installation type segment due to the increasing demand for 24/7 monitoring service. Lucintel predicts that the mainstream segment is expected to experience the highest growth rate during the forecast period, supported by its easy configuration and less installation cost.
North America is expected to remain the largest region during the forecast period due to the increasing usage of technologies and digitalization in the US and Canada. Asia Pacific is expected to witness the highest growth over the forecast period because of increasing awareness on safety, security, and energy efficiency.
Emerging trends, which have a direct impact on the dynamics of the industry, include growing demand for IoT technology in the home automation system, development of video enabled drones and constant developments in security technology products such as smart cameras and various sensors and detectors. ADT Corporation, Control4 Corporation, United Technologies Corporation, Honeywell, Johnson Control, Siemens AG, Acuity Brands, AMX Inc., Monitronics International, and Vivint Inc., are among the major home automation providers.
Lucintel, a leading global strategic consulting and
market research firm, has analyzed growth opportunities in the global home security market by application, installation type, technologies type, and region and has come up with a comprehensive research report titled “
Growth Opportunities in the Global Home Automation Market 2022-2027: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global home automation market by application, type, technology, and region as follows:
By Application [$M shipment analysis from 2016 to 2027]:
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Safety and Security
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Entertainment
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Lighting
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HVAC
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Others
By Installation Type [$M shipment analysis from 2016 to 2027]:
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Managed Service
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Mainstream
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Luxury
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DIY
By Technology [$M shipment analysis from 2016 to 2027]:
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BACnet
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Lonworks
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DALI
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Modbus
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KNX
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Others
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Zigbee
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Wi-Fi
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Bluetooth
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EnOcean
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Z-Wave
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Others
By Region [$M shipment analysis for 2016 – 2027]:
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United States
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Canada
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Mexico
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United Kingdom
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Germany
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France
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Japan
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China
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South Korea
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India
This 157-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link…… or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
