As per the latest report by IMARC Group, titled "Home Automation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global home automation system market size reached US$ 74.8 Billion in 2022. Home automation incorporates hardware and software technologies, such as artificial intelligence (AI) and the internet of things (IoT), to automate the electronic control of household features, activities, and appliances. It enables communication between devices and appliances through a centralized control system. This, in turn, allows homeowners to remotely control and monitor the utilities and several features of their home, making it highly convenient and secure. The technology also helps reduce energy consumption, enhance operational efficiency, improve home security, and offer convenience.
Global Home Automation System Market Trends:
The increasing adoption of smart homes and the surging need for energy-efficient homes are some of the primary factors boosting the market growth. Besides this, the growing popularity of voice assistants, such as Amazon's Alexa and Google Assistant, and significant advancements in wireless technology are providing an impetus to the market growth. Furthermore, the increasing availability of low-cost smart devices and the escalating demand for home security, such as surveillance cameras, smart locks, and motion detectors, are boosting the market growth. Moreover, the escalating awareness regarding the benefits of home automation systems and inflating consumer per capita incomes are other growth-inducing factors. In line with this, key market players are introducing new product variants with advanced features to increase their consumer base, which, in turn, is propelling the market growth. Other factors, such as the increasing availability of mobile devices, such as smartphones and tablets, and the rising awareness about environmental sustainability, are driving the market growth. Looking forward, the market value is projected to reach US$ 124.1 Billion by 2028, expanding at a CAGR of 8.4% during 2023-2028.
- By the application, the market is segregated into lighting control, security and access control, HVAC control, and entertainment and other controls. The entertainment and other controls currently holds the largest share in the application segment.
- Based on the type, the market is divided into luxury (custom), mainstream, DIY (Do-It-Yourself), and managed. Presently, managed home automation systems segment dominates the market.
- Based on the region, the market has been categorized into North America, Asia, Europe, and the rest of the world. Among these, Asia is leading the global market.
- The competitive landscape of the industry has also been examined with some of the key players being Siemens AG, Honeywell International, Inc., Johnson Controls, Inc., Schneider Electric SE, Legrand SA, Ingersoll-Rand PLC, ABB Ltd., Acuity Brands, Inc., and Samsung Electronics Co., Ltd.
|Base Year of the Analysis
||US$ Billion, '000 Units
||Application, Type, Region
|| Asia, Europe, North America, Rest of the world
||Siemens AG, Honeywell International, Inc., Johnson Controls, Inc., Schneider Electric SE, Legrand SA, Ingersoll-Rand PLC, ABB Ltd., Acuity Brands, Inc. and Samsung Electronics Co., Ltd.
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