Market Research Report
Global Home Automation System Market Research Report Insights, Opportunity Analysis, Market Shares and Forecast, 2017 - 2023
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||603543|
|Published||Content info||190 Pages
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|Global Home Automation System Market Research Report Insights, Opportunity Analysis, Market Shares and Forecast, 2017 - 2023|
|Published: November 14, 2017||Content info: 190 Pages||
Home automation systems provide high end solutions by utilizing advanced digital technology in which various input/output interfaces and computers are taken into account. This technology helps in automating the associated systems and products of daily life. The prominent reasons behind the rise of home automation system are surging base of wireless technologies, advanced internet connectivity penetration and smartphones based automation applications. The global home automation system market is expected to grow with a CAGR of 11% over the forecast period (2016-2023). The major parameters that are triggering the market of global home automation system are growth in Internet of Things (IoT), rapid proliferation of smartphones and smart gadgets and contribution of key players in this market.
The proactive segment which is under software & algorithm segment has been expected to rise with a spark, as it is anticipated to be the fastest growing segment over the forecast period (2016-2023). These software allow comparative analysis of energy utilization patterns, which are based on historic data, time of day and weather conditions. Thus, the global home automation system market has majorly divided into protocols and technologies, product and software & algorithm. The first major segment covers Network Technologies, Protocols & Standards and Wireless Communication Technologies. The second segment which is the on the basis of product, has been further bifurcated into Lighting Control, Security and Access Control, HVAC Control and Entertainment and Other Controls. The report also covers sub segments of the last major segment software & algorithm that are behavioural and proactive.
The market has major challenge regarding the functioning to the devices. However significant efforts are being done towards the advancements of these electronic gadgets. For instance, biometric sensors and radio frequency identification (RFID) sensors of high sensitivity are being developed. While, the market has enormous opportunities such as favourable government regulations in certain countries such as U.S., Canada etc. Other than this, in-built data connectivity is also an opportunity that might be incorporated in lighting controllers. Thus, all these opportunities are promising to take this market at the peak.
North America is expected to be the most dominating region in the market of home automation system over the period of forecast (2016-2023). The rising trend of green houses and demand of domestic energy management systems are the major reasons behind the success of this region in this market. Also, the major reason behind the dominancy of this region is the presence of major key players of home automation system market. This includes United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Crestron Electronics, Inc. (U.S.), Acuity Brands, Inc. (U.S.) and others.