Lucintel Expects the Global Home Automation Market to Reach $101 Billion by 2027

DALLAS, May 3, 2023 /PRNewswire/ -- According to a new market report published by Lucintel, the future of the global home automation market looks attractive with opportunities in the residential sector. The global home automation market is expected to reach an estimated $101.1 billion by 2027 with a CAGR of 10% from 2021 to 2027. The major growth drivers for this market are 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.

In this market, safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology to provide single platform for high level of control, flexibility, and to deliver the best entertainment experience.

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.

Emerging trends directly impacting the dynamics of this market includes 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. ADT Corporation, Control4 Corporation, United Technologies Corporation, Honeywell, Johnson Control, Siemens AG, Acuity Brands, AMX Inc., Monitronics International, Vivint Inc. are among the major home automation companies.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global home automation market by application, installation type, technology, and region. Lucintel has prepared a comprehensive research report entitled "Home Automation Market: Trends, Opportunities and Competitive Analysis [2022-2027]"

For any questions related to home automation market or related to home automation companies, home automation market growth, home automation market research, and home automation market size, write us at email: [email protected].

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SOURCE Lucintel