The global home automation system market was worth US$ 51.9 Billion in 2018. Home automation, or a smart home system, involves the incorporation of intelligent technology into homes for safety, comfort, and energy conservation. It includes the control and computerization of lighting, heating, ventilation, and air conditioning (HVAC), and security systems. With time, digitization has increased the consumer spending on home automation systems which enable homeowners to control, monitor and automate various functions, appliances and systems around the house with the touch of a button. This evolution of automated homes has resulted in integrated and centralized control of operations, making the lives of users more comfortable and convenient.
Home automation systems are gaining traction across the globe due to their various advantages such as notifying the users about intruders and activities at their homes, which in turn aids in preventing potential crimes. They also help in minimizing energy consumption and increasing operational efficiency. Besides this, improving living standards and the availability of affordable home automation solutions have encouraged consumers from all income segments to install these systems in their homes. Furthermore, with the use of Internet of Things (IoT) in these systems, everything from appliances to security systems can be controlled with smart home devices. This technology also enables users to monitor their home from another location using an interface on a computer, tablet or smartphone. Owing to this, several technology giants like Apple, Google, Microsoft and Samsung have invested in the home automation business. Looking forward, IMARC Group expects the market value to reach US$ 84.4 Billion by 2024, expanding at a CAGR of 8.5% during 2019-2024.
Breakup by Application:
Security and access control currently represent the largest application segment due to growing privacy issues, increasing crime rates and other security concerns.
Breakup by Type:
Amongst these, managed home automation systems dominate the market. They involve pre-packaged solutions offered by telecom service providers who align with home automation system companies to provide end-to-end monitoring, control and energy management services.
On a geographical front, Asia enjoys the leading position in the market on account of the increasing awareness about home automation systems, new residential projects and rising income levels of consumers.
The market is highly fragmented in nature, with the presence of numerous manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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