The market for home automation is expected to increase at a 12.26% CAGR and reach a value of US$47.23 billion in 2022. (2022-2032). By the end of 2032, it is anticipated that the whole demand in the home automation industry would exceed US$ 129.76 Billion.
Growing use of digitalization to enhance lifestyles and rising use of home automation devices outfitted with more modern technology, such as voice control, artificial intelligence (AI), and the internet of things, are what are driving market growth (IoT).
In addition, rising demand for energy-efficient products and the IoT market’s steady expansion would support the sales of opulent home automation systems. This is expected to foster a favourable climate for the market for home automation to expand.
The need for security against theft has increased among consumers as their standard of living has improved. Home automation system producers are producing more automated anti-theft tools like wireless sensors for unauthorised access in order to profit from this trend.
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Which Key Factors Are Driving the Home Automation Market’s Growth?
The desire for devices that work with both Android and Apple devices has increased as smartphone usage has expanded. The demand for luxury home automation systems has increased among millennials and baby boomers due to how practical and simple these devices are to use. Additionally, any device can now be connected to the internet or via bluetooth thanks to advancements in IoT and AI technology. Generation Z and baby boomers can use these devices with ease thanks to their convenience.
As a result, the demand for luxury home automation systems like smart bulbs and others has surged since the introduction of AI gadgets like Google Home, Alexa, and Siri. For instance, a smart phone or an app can be used to turn on and off a smart lamp.
Additionally, the use of these devices lowers energy usage, increasing their affordability. Consequently, it is anticipated that rising demand for energy-efficient gadgets will fuel growth in the home automation market. According to Future Market Insights, the introduction of the new COVID-19 resulted in an almost twofold increase in demand for home automation systems during the FQ-20. Sales were boosted in 2021 by the need for smart devices to reduce electricity use and rising popularity of automated entertainment smart gadgets.
What difficulties does the home automation sector face?
The effectiveness and practicality of home automation systems were increased by the integration of cutting-edge technologies like machine learning, AI, and IoT. However, appliances and products for automation are pricey.
As a result, it is likely that these devices will sell less well in low- and middle-income countries. The home automation market’s sales are likely to suffer as a result of this high price among consumers with low disposable incomes.
Why is North America regarded as the most lucrative market for home automation?
According to Future Market Insights, North America is expected to have the largest market for home automation systems throughout the forecast period. The study predicts that the U.S. will drive the growth of the North American home automation market.
Sales in the North American home automation market will increase due to the adoption of smart entertainment devices and rising home ownership in the United States. For instance, according to a survey conducted by Voicebot.ai, approximately 90 million users in the U.S. adopted smart speakers in April 2021.
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Will Asia Pacific Become a Global Leader in Home Automation?
India is anticipated to lead Asia Pacific in home automation sales, with the region as a whole forecast to provide enormous development potential, according to Future Market Insights. According to Future Market Insights, by the end of 2022, the India home automation market is expected to be worth close to US$ 14 Bn.
The country is accelerating the adoption of home automation devices due to rapid urbanisation and the spread of social media platforms. It is anticipated that rising home ownership rates and millennial smartphone usage will accelerate the uptake of luxury home automation systems.
Also, increasing adoption of automated smart entertainment devices among millennials will fuel the growth in Asia Pacific home automation market. With favorable government policies and advent of AI and IoT, adoption of audio and video entertainment systems and smart lighting systems has surged.
On the back of this, key players are eyeing the Asia Pacific regions to expand their customer base and increase their revenue over the forecast period.
Market Competition
Some of the key market players in home automation market profiled by FMI include AMX, ADT Pulse, Control4 Corporation, Crestron, Vera, HomeSeer, SmartThings, Frontpoint, Savant, Siemens AG, Johnson Controls, Honeywell among others.
With increasing penetration of e-commerce platforms, key players operating in the home automation market are collaborating with e-commerce giants and online distributors to generate remunerative revenues.
Meanwhile, some of the key players are developing advanced smart products to woo the consumers integrating AI and IoT in entertainment devices.
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Key Segments Profiled in the Home Automation Industry Survey
Product Type:
- Luxury home Automation System
- Mainstream Home Automation System
- Managed Home Automation System
- DIY (Do It Yourself Home Automation System)
Application:
- Safety and Security
- Lighting
- Entertainment (Audio and Video)
- Heating, Ventilation and Air conditioning
- Others
Networking Technology:
- Wired Home Automation System
- Wireless Home Automation System
- Computing Network Home Automation System
- Others
Region:
- North America
- South America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East & Africa
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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. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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