The global smart home automation market is estimated to grow from US$ 72 Billion in 2022 to US$ 168 Billion in 2032.
The global smart home automation market is estimated to grow from US$ 72 Billion in 2022 to US$ 168 Billion in 2032 while displaying a CAGR of 8.84% during the 2022-2032 period. Increasing penetration of the Internet of Things (IoT) has evolved the machine to machine communication which has motivated users to adopt smart home automation technology.
Integration of modern technologies such as IoT, AI, and ML, the demand for smart devices is expected to rise in the coming time. According to a Voicbot.ai survey, in January 2020, about 87.7 million US consumers were using smart speakers. Further, smart city projects are growing in number across the globe, surging the demand for home automation businesses.
With access to home accessories from remote locations, users can regulate their home appliances in their absence. They can also keep a watch on any activity taking place within the house through video surveillance systems. For instance, in February 2022, India-based home automation company, One Switch, announced the launch of franchising options for the expansion of their smart home automation services.
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The eco-friendly solutions such as automatic water sensors and motion sensors, offered by smart home companies like One Switch, have also helped in reducing electricity bills and enhancing the overall home environment.
The automation tools and equipment are expensive, thus, users with average or below average disposable income find it challenging to buy such modern services. Due to its high cost, there is polarization in the procurement of such advanced equipment. Thus, the cost barrier is anticipated to play a significant role in limiting the market growth during the forecast period. Further, various users are yet not well familiar with such technology which limits the adoption of smart home automation devices. Thus, the complicated technologies and applications are likely to inhibit the market growth in the assessment period.
Key Takeaways from the Market Study:
“Increasing demand for comfort and growing deployment of modern technologies such as AI, ML, and IoT in home appliances is expected to benefit the market during the forecast period. Also, increasing disposable income of developing countries is likely to offer several opportunities of expansion to the players in the market,” says an FMI analyst.
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Competition Analysis
Key players in the global smart home automation market include Control4 Corporation (U.S.), BB Ltd. (Switzerland), Crestron Electronics, Inc. (U.S.), Ingersoll-Rand plc (Ireland), Honeywell International Inc. (U.S.), Johnson Controls (U.S.), Leviton Manufacturing Company, Inc. (U.S.), Legrand SA (France), Lutron Electronics Co., Inc. (U.S.), Schneider Electric (France), and Siemens AG (Germany).
Recent Developments in the Industry include:
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global smart home automation market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Component (Hardware, Software, Services), Technology (Cellular, Wireless, Other), Application (Security, Lighting, Entertainment, HVAC & Energy Management, Smart Kitchen), & Region.
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Key Segments Profiled in Smart Home Automation Market
Smart Home Automation Market by Component:
Smart Home Automation Market by Technology:
Smart Home Automation Market by Application:
Smart Home Automation Market by Region:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mar 29, 2023