NEW YORK, Feb. 2, 2016 /PRNewswire/ --
The home automation market has undergone major changes in the last couple of years with respect to technological innovation, competitive landscape, new business models, new distribution channels, and the introduction of smart products. With high growth projected across Europe in line with increased connectivity and convergence, Frost & Sullivan expects this market to continue attracting new entrants with continuous innovation. Big data analytics, the internet of things (IoT), and cloud computing hold huge implications for this market as they open new business opportunities for service providers to offer subscription services for utilising data analytics and remote services.
-The home automation (HA) market has undergone major changes in the last couple of years with respect to technological innovation, competitive landscape, new business models, new distribution channels, and introduction of smart products.
-The impact of such developments on the total market has helped it reach $xx million in at a growth rate of xx %. The market will further improve to touch $xx million by , at a CAGR of xx %.
-Home energy management and safety/security will be the fastest growing applications within home automation in upcoming years. These applications will be one of the key drivers of the mass market as they outstrip the luxury segment in terms of growth. The HA market is increasingly driven by efficiency and cost savings for customers as opposed to the historically dominant HA drivers of luxury and comfort.
-Big data analytics, the internet of things (IoT), and cloud computing hold huge implications for this market as they open new business opportunities for service providers to offer subscription services for utilising data analytics and remote services. The emerging concept of Home Automation as a Service (HAaaS) is the embodiment of this trend and will be a key driver of growth and new entrants.
-There has been an increasing number of alliances and consortiums formed by leading global firms in the last couple of years to create an open architecture for developing a standard software platform, which will enable interoperability and data exchange between devices, irrespective of the manufacturers and service providers.
-Meanwhile, a few competitors are looking to establish proprietary HA communication protocols such as INSTEON in Europe to solve issues related to networking, communication range, pricing, and routing strategies.
-Technological developments in the home automation market have introduced new business models like starter pack, bundling, subscription service, original equipment manufacturers (OEM)-utility partnership, and the OEM-insurer partnership.
-Subscription service and OEM-insurer partnership are the latest business models to have gained momentum in the last couple of years due to increased adoption of home automation system (HAS) products.
-The home automation market has witnessed a number of partnerships and acquisitions like Google's acquisition of Nest Labs, Revolv, and Dropcam in , which have brought new dimensions and participants to this market and increased the excitement in the industry.
-Moreover, there have been many partnerships forged across the industry value chain in the last couple of years between OEMs and technology and communication providers to combine mobile communications, cloud delivery platforms, and home automation software.
-Moreover, there is a huge role being played by key distribution channels like value-added resellers (VARs), consumer electronic stores, and online sales to mass commercialise the home automation market in the next xx years.
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