Home automation market is gaining traction in many countries these days, thanks to growing customer preference home automation services due to its affordability, enhanced security solutions, convenience, and energy saving features. The demands becoming increasingly popular owing to rapid development in the smartphone-controlled applications.
United Technologies Corporation, Honeywell International Inc., and Cisco Systems, Inc., Siemens AG, and Ingersoll-Rand PLCare among the key market players of the global home automation market.
Transparency Market Research (TMR) following extensive research has prepared the report on the global home automation market. Analysts at TMR predict that the market is likely to exhibit a growth rate of 6.8% CAGR during the review period, from 2018 to 2026. Riding high on the back of various growth factors, the market is estimated to reach a valuation of US$116.26Bnby 2026-end.
North America to Remain the Leading Region due to Demand for Better Security Levels
From the regional standpoint, North America accounted for a prominent share of the global home automation market. Increasing demand for improved home security levels, rising popularity of various gadgets with home automation solutions are addng impetus to the market. Besides, the demand for reliable home energy management systems are accelerating demand for home automation solutions in the region. In addition to that, presence of several leading key players such as Cisco Systems, Inc., Honeywell International Inc., and United Technologies Corporation is also one of the reasons for growth of the regional home automation market.
Adoption of latest technologies together with increase in the disposable income of the people will propel the growth of the home automation market in Asia Pacific.
Home Automation Solutions to Improve the Quality of Life of Disabled People
There are several growth factors propelling the growth of the global home automation market. Increase in smartphone-controlled applicationsused for supervising home appliances from a remote location is substantially driving the growth of the market.
A recent survey by Alarm.com, a U.S.-based technology company, revealed that almost 48% of the participants were excited about the smart-home solutions; though 59% are bewildered about the wide variety of products available in the market. The survey participants placed high priority on the security that smart homes would offer and comfort, energy savings come next to security. The survey revealed the trend of growing popularity of home automation solutions.
Governments of many countries are taking initiatives in implementation of home automation system as it leads to efficient use of electricity, improved security levels, and more comfort for urban consumers.
The global home automation market is likely to derive substantial impetus from its use by differently-ablepeople, who are more likely to be exposed to the issues of daily life than other people. While people suffering from Alzheimer disease can keep the main door open and then forget, a deaf person cannot hear the doorbell, or a blind person may find it extremely difficult to make his or her way to the door. Home automation solutions offer considerable benefits to such people, thereby improving the quality of life for them. Smart homes offer safe environment to them and empower them with a sense of security. Home automation solutions also enable the user to regulate several features. Remote monitoring can also alert people in case any threatening situation arises.
On the other hand, lack of awareness about home automation solutions and high cost of installation impede the growth of the global home automation market.