Global $100+ Bn Home Automation System Market Analysis & Trends
Global Home Automation Market is estimated to grow at a CAGR of 12.4% reaching $72.78 billion by 2022 from the market value of $36.09 billion in 2016.
Home Automation is the automation of home and household activities. It involves using intelligent terminals to control home appliances and equipment. Home automation includes centralized control of lighting, HVAC((heating, ventilation, and air-conditioning), appliances, security locks of gates and doors and other systems. This also gives access to control devices in a home from a mobile device anywhere in the world. Home automation advantages include Increased comfort, convenience and security, Reduced energy consumption, Maximum flexibility due to battery-free, wireless devices, Plug&Play operation and easy system expansion and Extensive cost-savings.
North America dominates Global home automation market. It captures approximately 40% of the total market share closely followed by Europe. Asia-Pacific is expected to grow at the highest CAGR due to increasing building infrastructure at a significant rate and growing number of residential projects.
Increasing usage of smartphones, tablets, and other handheld devices, increasing penetration of Internet, growing awareness of energy consumption and energy management, building infrastructure, growing number of residential projects and growing need for remote home monitoring solutions are some of the drivers of Home automation market. Unpredictable development costs, Privacy and security concerns, associated with automation using Internet and other devices, are constraints in this industry.
Major companies in this industry include Honeywell International Inc., Legrand, Ingersoll-Rand plc., Johnson Controls Inc., ABB Ltd., Samsung Electronics Co., Ltd., Siemens AG and Schneider Electric SA. Artificial Intelligence based automation is going to be a disruptor in increasing productivity and convenience.
For more information about this report visit https://www.researchandmarkets.com/research/s78p6b/global_home
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