ALBANY, N.Y., Oct. 26, 2020 /PRNewswire/ -- The increasing awareness about energy efficiency features coupled with the increasing influence of the Internet of Things (IoT) across a variety of sectors including home automation may invite significant growth prospects for the global home automation market during the forecast period of 2019-2027.
The researchers at Transparency Market Research (TMR), after a detailed and thorough analysis of all the aspects related to growth, expect the global home automation market to expand at a CAGR of 6.7 percent during the assessment period of 2019-2027. The global home automation market was valued at US$ 69.0 bn in 2018 and is expected to attain a valuation of US$ 124.1 bn by 2027.
The rising need for security and safety across a large chunk of individuals is bringing exponential growth prospects for the home automation market. The overwhelming demand from families of all age groups and the escalating upgrades associated with the home automation market my bring tremendous growth prospects during the assessment period.
India in Asia Pacific region is expected to expand at a CAGR of 7 percent during the assessment period of 2019-2027
The safety and security segment is anticipated to observe good growth rate across the forecast period of 2019-2027
Video surveillance applications garnered more than 70 percent of the market share in 2018
Access control applications are prognosticated to gain substantial traction during the assessment period
Video surveillance systems are extrapolated to acquire a good growth rate for the home automation market during the forecast period
HVAC and lighting systems are also expected to gain efficient growth for the home automation market between 2019 and 2027
North America may bloom rapidly as the largest regional growth contributor for the home automation market from 2019 to 2027
The U.S. and Western Europe may bring promising growth and serve as vital areas in terms of the growth of home automation market in North America and Europe respectively
Explore 341 pages of superlative research, current market scenario, and extensive geographical Projections. Gain insights into the Home Automation Market (By Application - Safety and Security - Video Surveillance (Hardware (Security Cameras, Monitors), Software, Services), Access Control (Biometric Access Control (Facial Recognition, Iris Recognition, Fingerprint Recognition), Non Biometric Access Control), Lighting System (Drivers & Ballasts, Relay, Sensors, Dimmers, Switches, Others (Accessories)), Entertainment System (Home Theater System, Audio Video Control Systems), Heating Ventilation and Air Conditioning (HVAC) (Actuators, Sensors and Transducers, Control Valve, Thermostats, Energy Meter), Other Controls (Smart Locks, Smoke Detector, Smart Plugs); Technology - Wired (Power Line Communication (PLC), Ethernet, Fiber Optics), Wireless (ZigBee, Wi-Fi, Bluetooth); Channel - Luxury, Mainstream, DIY, Managed)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027 at https://www.transparencymarketresearch.com/home-automation-market.html
Home Automation Market: Growth Boosters
Even if home automation systems are popular among all age groups, the millennial and the generation Z category may bring prodigious growth for the home automation market.
Players in the home automation market are in constant pursuit to make these systems more user-friendly to cater to a large consumer base, thus increasing the growth rate of the home automation market
Inclusion of novel technologies such as integration of voice-assistance may invite great growth prospects for the home automation market between 2019 and 2027
Affordable subscription models may further bring tremendous growth opportunities for the home automation market across the tenure of 2019-2027
Analyze global home automation market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Home Automation Market: Geographical Dimensions
The home automation market in North America may gain promising growth during the assessment period of 2019-2027. The presence of a large number of manufacturing companies across the region may bring expansive growth opportunities for the home automation market. Asia Pacific may serve as a vital growth-generating region for the home automation market due to the heightening adoption of these systems among a considerable populace during the tenure of 2019-2027.
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