With 9.1% CAGR, Home Automation System Market Growth to Surpass USD 63.2 billion
The home automation system market is projected to grow from USD 40.8 billion in 2020 to USD 63.2 Billion by 2025, at a CAGR of 9.1% from 2020 to 2025. Home automation refers to the automation and security of home & household activities. It may be used for isolated programmable devices, such as thermostats and sprinkler systems. Home automation precisely describes homes in which lights, appliances, electrical outlets, heating & cooling systems, and others are connected to a remotely accessible network. Thus, home automation systems enable power savings and also help in enhancing the standard of life.
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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.
Based on software and algorithm, proactive segment
accounted for highest CAGR
By software and algorithm, the home automation system market
has been segmented into behavioral and proactive. Proactive type of software
and algorithm not only transfers the energy consumption data to the end users
but also gives a better sense of responsibility to the users as to what action
should be taken on the information received. This type can carry more amount of
data than the behavioral system. It gives the end user inputs on effective
energy usage and how to act and preferences of the individual user. The
algorithms associated with the proactive type can also perform a comparative
analysis of usage patterns based on the time of the day, historical data, and
weather conditions. Proactive solutions are more beneficial as they not only
send recommendation signals to end users but are also capable of making
intelligent decisions and actions on behalf of the user. For instance, if a
homeowner forgets to turn on security cameras when leaving the house, the smart
hub can detect the proximity of the user’s smartphone and automatically turn on
the security systems if required. Smart thermostats can optimally adjust the
temperature based on the movement and usage pattern of the residents. Software
from major home automation providers such as Resideo (US), Legrand (France),
and Savant (US) offer proactive software.
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.
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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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