The Home Automation by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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In the realm of Home Automation, meticulously analyzed by The Business Research Company, the market has witnessed rapid growth, surging from $66.04 billion in 2023 to an anticipated $72.82 billion in 2024, boasting a substantial compound annual growth rate (CAGR) of 10.3%. This robust expansion during the historic period is underpinned by various factors, including heightened consumer awareness, a pervasive pursuit of convenience and time-saving, escalating concerns for energy efficiency, a pronounced focus on health and wellness, and an emphasis on bolstering data privacy.
Looking ahead, the Home Automation market is poised for rapid growth, with a projected valuation of $109.34 billion in 2028, embodying a commendable CAGR of 10.7%. This anticipated surge in the forecast period is attributed to key factors such as an intensified focus on sustainable and green homes, the burgeoning interest in health and wellness monitoring, a sustained commitment to sustainability, the heightened demand for customization and personalization, and the prevalence of DIY home automation kits. Salient trends in this envisioned period encompass the ascendancy of smart hubs and ecosystems, the expansive proliferation of IoT devices, the heightened significance of security and surveillance solutions, the continued evolution of health and wellness monitoring, a growing penchant for customization and personalization, and the rise of DIY installations and configurations. This confluence of factors not only underscores the pivotal role of Home Automation in shaping modern living but also positions it as a linchpin for the future of smart, sustainable, and personalized homes.
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.
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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
The growing technological advancements are shaping the home automation market. Major companies operating in the home automation sector are focused on developing technological solutions for home automation to strengthen their position. For instance, in June 2022, Hogar Controls, a US-based company operating in smart home solutions, launched a series of home automation products such as smart touch panels, controllers, digital door locks, and smart curtain motors to provide a one-stop-shop solution for architects, interior designers, and contemporary consumers smart home solutions. smart touch panels work on Z-Wave technology, and it is introduced with Wi-Fi capabilities that are compatible with any smartphone and voice-controlled via amazon Alexa or google assistant on supported devices via sensors. Additionally, these control panels are heat, humidity, and shockproof.
The home automation market report table of contents includes:
1. Executive Summary
2. Home Automation Market Characteristics
3. Home Automation Market Trends And Strategies
4. Home Automation Market - Macro Economic Scenario
5. Global Home Automation Market Size and Growth
......
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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