Home Automation Market Research Report by The Business Research Company provides global market size, growth rate, regional shares, competitive analysis, detailed segments, trends and opportunities.
The Business Research Company has published a report titled “Home Automation Global Market Report 2024 – By Product (Lighting Control, Security and Access Control, HVAC Control, Entertainment, Other Products), By Technology (Wired Home Automation System, Wireless Home Automation System).” , By End Users (Residential, Commercial and Other End Users) – Market Size, Trends and Global Forecast 2024-2033. According to the report, the home automation market is expected to witness rapid growth in the next few years.
In 2028, it will grow to $109.34 billion at a compound annual growth rate (CAGR) of 10.7%.
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Report coverage and details:
• Forecast period: 2024-2033
• Base year: 2023
• Market size in 2024: $72.82 billion
• 2033 revenue forecast: $109.34 billion
• CAGR: 10.7%
Global Home Automation Market: Segmentation
The home automation market covered in this report is segmented –
1) By product: lighting control, security and access control, HVAC control, entertainment, other products
2) By Technology: Wired Home Automation System, Wireless Home Automation System
3) By end user: residential, commercial and other end users
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Home Automation Market Report: Growth Drivers
The home automation market growth is expected to be driven by increasing adoption of Internet of Things (IoT) devices in home automation systems during the forecast period. A home automation system that uses IoT relies on internet protocols or cloud computing to control all smart home devices.
The IoT-based home automation system offers numerous advantages over wired systems, including flexibility, ease of installation, the ability to avoid wiring complications or weak electrical connections, easy problem detection and response, and most importantly, portability. For example, according to Exploding Topics, a US-based online platform for insights on emerging and trending topics, it is predicted that there will be 25.4 billion IoT devices by 2030.
Therefore, the increasing use of IoT devices in home automation systems promotes the growth of the home automation market.
Key developments:
Abb Ltd strengthens its leadership position in the smart home sector with the acquisition of Eve Systems Gmbh
In June 2023, ABB Ltd, a Switzerland-based company specializing in robotics, automation, electrical and power engineering, acquired Eve Systems GmbH for an undisclosed amount. With this acquisition, ABB becomes the market leader for smart home solutions based on new wireless networking technology and the Matter and Thread interoperability standards.
This acquisition strengthens ABB's established reputation as a provider of essential home automation infrastructure based on KNX standards that enables smart homes. Eve Systems GmbH is a German company specializing in smart home and home automation products.
Top market leaders included:
ABB, Crestron Electronics Inc., Schneider Electric SE, Honeywell International Inc., Johnson Controls Inc., Siemens AG, Legrand Group, Control4, Home Brain, Savant Systems Inc., Lutron Electronics Company, Sauter AG, United Technologies Corporation, Bosch Security and security systems, Silvan Innovation Labs, Elan Home Systems LLC, Fueb, Harman International, LG Electronics Inc., August Inc., HomeSeer Technologies LLC, Wink Labs Inc., Amazon Inc., Google Nest, ADT Inc., Vivint Smart Home Inc., SimpliSafe, Ring LLC, Ecobee, Somfy, Netatmo, SmartThings Inc.
Home Automation Industry: Regional Landscape
North America was the largest region in the home automation market in 2023. The regions covered in the home automation market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The countries covered in the Home Automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
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What does the global home automation market report include?
1.Introduction
• Overview of the home automation market
• Comprehensive analysis of the home automation market
2. Drivers and Constraints for Home Automation Market
• Drivers and constraints for the historical and forecast period
3. Home Automation Market Segmentation
• By drug class
• By specifying
• By distribution channel
4. Competitive landscape and company profiles in the home automation market
• Overview
• Products and services
• Strategy
5. Regional and country analysis of the home automation market
• By region
• By country
6. Market trends and opportunities in the home automation market
• Technological advances
• New trends
7. Future prospects and potential analysis for the home automation market
• Growth strategies
• New possibilities
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