The global smart home automation market size is anticipated to be USD 130.0 billion by the end of 2025, as per a latest report by Million Insights. The increasing need for real-time and remote control of smart homes is attributing to the growth of the market. Additionally, rising geriatrics population coupled with rapid urbanization has resulted in increasing adoption of smart home solutions to cater to the challenges. Further, increasing smartphone penetration and internet connectivity are boosting the industry growth prospect of the market. Increasing adoption of automation in lighting, energy management, smart kitchen and HVAC are estimated to augment the market growth.
Based on technology, the market is categorized into wireless, cellular and others. While, by application, market is bifurcated into lighting, smart kitchen, entertainment, security, HVAC and energy management. Among different application segment, the entertainment category is anticipated to be the leading shareholders and estimated to further expand at a considerable rate. Increasing demand for touch screens, home theatres and audio/video controls are driving this segment demand.
Owing to the increasing popularity of automation technologies in smart homes, manufacturers are emphasizing on investing in research and development to introduce innovative products in the market. New products development is aimed at improving consumer experiences. Further, key players are also engaged in manufacturing cost-effective and reliable products to consolidate their position in the market.
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Further key findings from the report suggest:
• Increasing preference for safety, security, convenience and connectivity is attributing to the growth of smart home automation market.
• Rapidly expanding IoT and easy internet accessibility are encouraging manufactures to opt for smart home automation technologies.
• Automation mechanism has been simplified with the arrival of technologies such as EnOcean, Wi-Fi, Thread, ZigBee, C-Bus and others.
• In 2016, North America led the market occupying largest revenue share owing to the presence of well-established firms and huge consumer base.
• Major players operating in the market are Honeywell International Inc., Schneider Electric, Siemens AG and ABB Ltd. among others.
Million Insights has segmented the global smart home automation market based on component, technology, application, and region:
Smart Home Automation Component Outlook (Revenue, USD Million; 2014 - 2025)
Smart Home Automation Technology Outlook (Revenue, USD Million; 2014 - 2025)
Smart Home Automation Application Outlook (Revenue, USD Million; 2014 - 2025)
• HVAC & Energy Management
• Smart Kitchen
Smart Home Automation Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• South America
• The Middle East & Africa (MEA)