The home automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Home Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The home automation market size has grown rapidly in recent years. It will grow from $66.04 billion in 2023 to $72.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to growing consumer awareness, convenience and time-saving, energy efficiency concerns, increased focus on health and wellness, enhanced data privacy.
The home automation market size is expected to see rapid growth in the next few years. It will grow to $109.34 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to focus on sustainable and green homes, health and wellness monitoring, focus on sustainability, customization and personalization, diy home automation kits.. Major trends in the forecast period include rise of smart hubs and ecosystems, expansion of iot devices, security and surveillance solutions, health and wellness monitoring, customization and personalization, diy installations and configurations..
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Scope Of Home Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing use of internet of things (IoT) devices in a home automation system is expected to propel the growth of the home automation market in the forecast period. The Internet of Things (also known as IoT) based home automation system uses internet protocols or cloud computing to operate all of the smart home’s equipment. The IoT-based home automation system has numerous advantages over wired systems, including flexibility, ease of installation, avoidance of the complexity of flowing through wires or weak electrical wiring, easy problem detection and triggering, and, most all, mobility. For instance, in March 2023, according to Exploding Topics, a US-based online platform that provides insights into emerging and trending topics, by 2030, it is anticipated that there will be 25.4 billion IoT devices. Therefore, the increasing use of internet of things (IoT) devices in home automation systems drive the home automation market growth .
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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, Other End Users
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Regional Insights –
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, Africa
Key Companies –
Major companies operating in the home automation market report are 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 Safety 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.
Table of Contents
1. Executive Summary
2. Home Automation Market Report Structure
3. Home Automation Market Trends And Strategies
4. Home Automation Market – Macro Economic Scenario
5. Global Home Automation Market Size and Growth
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31. Global Home Automation Market Competitive Benchmarking
32. Global Home Automation Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Home Automation Market
34. Home Automation Market Future Outlook and Potential Analysis
35. Appendix
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