The global smart home automation market is expected to reach ~ USD 95 billion by 2025 and is anticipated to grow at a CAGR of over 12% in the next five years.
— The global smart home automation market is expected to surpass USD 94 billion by 2025 by growing at a CAGR of over 12% during the forecast period 2020-2025. With in advancements in various technologies all around the world there are technological updates and modifications happening in every sector. Smart Home Automation being the one among them. Home Automation is an electronic system which is established in homes with various devices and software which majorly helps to manage and control house hold appliances, activities and features.
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Increasing adoption of the Internet of Things (IoT) coupled with connected devices is expected to drive the growth of the home automation market around the world. It is expected that by 2025, there will be approximately 75 billion IoT devices globally. North America, Western Europe, and China together will account for more than 67% of total installed IoT devices across the globe. Furthermore, rising awareness regarding efficient energy usage, technological advancements, and others are some of the additional factors anticipated to drive the growth of the smart home automation market in the given analysis period. Moreover, increasing concern over security and safety is further impacted significantly on global market growth.
APAC Initiatives towards Judicious Power Consumption Efforts to Ensure Fast Track Adoption
Smart homes are supported by home automation to adequately monitor and control automation of devices with a smart home interface on smartphones. Need to ensure energy savings and to improve security at dwelling places, adoption of smart home automation features are projecting promising returns.
Technological developments comprising IoT integration are significantly supporting affordability of sensors which is likely to further expedite adoption and growth in smart home automation market. Adroit Market Research takes a detailed tour of the ongoing developments in smart home automation space to unravel new market opportunities and dominant market forces that collectively support growth spurt in home automation market in the coming years.
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India-based BYPL Allies with Schneider Electric to Support Production of Smart Devices for Power Consumption
Marking innovations and large-scale expansion of home automation across emerging economies such as Japan, India, Japan, Korea amongst others, novel commercial agreements have emerged as innovative business strategies. Aligning with this, India's BYPL has collaborated with Schneider Electric to extend home automation product portfolio. The collaborative effort is in place to support safe and judicious electricity consumption with smart infrastructure. The project will be monitored by Resident Welfare Associations to comply with safety protocols.
5G Innovations to Aid Large Scale Adoption of Smart Home Automation
Further in smart home automation, 5G innovations are expected to support large scale adoption of smart home automation. Mitsubishi is hopeful of deploying its new services with the help of factory automation. One of its facilities is already underway to deploy 5G based connectivity.
The present architecture of smart home automation is supported by wi-fi, broadband connectivity and Bluetooth integration. However, with the ushering of 5G technology, companies are hopeful of using 5G network system for faster delivery and execution, favoring end-user expectations.
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On the geographical front, North America dominated the global smart home automation market in 2019 and is expected to do so over the forecast period 2019-2025. This region witnesses a matured market for technology adoption due to advanced IT infrastructure, the presence of many enterprises, and the availability of capable technical expertise. The US and Canada are expected to contribute significantly to the growth of the market in North America.
The key players operating within the global smart home automation market are Honeywell, Johnson Controls, Control4, Cisco System, ADT, and others. As of 2019, the market for smart home automation providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded versions of smart home automation systems with upgraded as well as advanced digital and automation solutions.
Segment Overview of Global Smart Home Automation Market
Application Overview, 2018-2025 (USD Billion)
• Lighting Systems
• Monitoring and Security
Component Overview, 2018-2025 (USD Billion)
Technology Overview, 2018-2025 (USD Billion)
Regional Overview, 2018-2025 (USD Billion)
• North America
• Rest of Europe
• Asia Pacific
• Rest of APAC
• South America
• Rest of South America
• Middle East and Africa
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Source URL: https://marketersmedia.com/smart-home-automation-market-2020-application-component-technology-developments-factors-industry-trends-future-growth-investment-feasibility-and-global-forecast-2025/88983097
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