The global home automation market is projected to reach $101.1 billion by 2027, at a CAGR of 10% during 2022-2027. The growth of home automation market is driven by increasing consumer need for simplicity of functioning and personalized experience, increasing awareness related to safety and security, and the growing adoption of cloud-based technologies.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the
most promising, high-growth opportunities for the home automation market by
application (safety and security, entertainment control, lighting, HVAC
control, and others), by installation type (managed service, luxury,
mainstream, and DIY), by technology (wired and wireless), and by region (North
America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will
grow at a faster pace and why?
Q.3 What are the
business risks and threats to the home automation market?
Q.4 What are some
changing demands of customers in the home automation market?
Q.5 What are the new
developments in the home automation market? Which companies are leading these
developments?
Q.6 What strategic
initiatives are being implemented by key players for business growth?
Q.7 What are some of the
competitive products and processes in this home automation area and how big of
a threat do they pose for loss of market share via product substitution?
Q.8 What M&A
activity has occurred in the last 5 years in this home automation market?
Emerging trends, which
have a direct impact on the dynamics of the industry, include growing demand
for IoT technology in the home automation system, development of video enabled
drones and constant developments in security technology products such as smart
cameras and various sensors and detectors.
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Market Segmentation:
Based on application,
the home automation market is segmented into safety and security, entertainment
control, lighting, HVAC control, and others. The safety and security segment is
accounted for the largest share of the market in 2021 due to the increasing
need for continuous monitoring services to reduce the risk of crime, burglary,
and theft and entertainment is expected to register the highest CAGR during the
forecast period supported by the increasing need of advanced technology to
provide single platform for high level of control, flexibility, and to deliver
the best entertainment experience.
North America is
expected to be the largest region during the forecast period due to the increasing usage of
technologies and digitalization in the US and Canada. Asia Pacific is expected
to witness the highest growth over the forecast period because of increasing
awareness on safety, security, and energy efficiency.
Key Players in the home automation
market are ADT Corporation, Control4 Corporation, United Technologies
Corporation, Honeywell, Johnson Control, Siemens AG, Acuity Brands, AMX Inc.,
Monitronics International, and Vivint Inc
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The report helps stakeholders understand the
pulse of the market and provides them with information on key drivers,
restraints, challenges, and opportunities for market growth. It would also help
to understand the competitors better and gain more insights to improve their
position in the business.
To read more about this market please click on
https://www.lucintel.com/home-automation-market.aspx
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity
analysis, growth
consulting, M&A, and due diligence services to executives and
key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Brandon
Fitzgerald
Lucintel
Dallas,
Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751
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