The global home automation market is projected to reach $101.1 billion by 2027, at a CAGR of 10% during 2021-2027. 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
accounted for the largest share of the market in 2021 and is expected to
register the highest CAGR during the forecast period, due to the increasing
need for continuous monitoring services to reduce the risk of crime, burglary,
and theft.
North America is
expected to remain 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, ivint 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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