PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284079
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284079
Home Automation Market Forecasts to 2028 - Global Analysis By Type, Product, Networking Technology, End User and By Geography
According to Stratistics MRC, the Global Home Automation Market is accounted for $64.66 billion in 2022 and is expected to reach $302.15 billion by 2028 growing at a CAGR of 29.3% during the forecast period. Home automation provides high-end solutions and makes use of advanced digital technology to make the operation of various home appliances more convenient. It improves efficiency and performance when it comes to automating home or household operations. Home automation entails the automatic control of all electronic gadgets in the home or even remotely via wireless communication. Home automation makes life easier and can save money on heating, cooling, and power costs. Home automation can also lead to increased security through the use of Internet of Things devices such as security cameras and systems.
According to the National Association of REALTORS, millennials in the US accounted for the largest share of home buyers at 38% in March 2020.
Market Dynamics:
Driver:
Growing home ownership among millennials worldwide
Growing homeownership is one of the key factors driving the use of home automation systems. Millennials make up the vast majority of new house buyers. Furthermore, millennials are the most likely to invest in home automation systems. As a result, adoption of home automation systems is substantially higher among this population category. Growing customer awareness of the benefits of smart home technologies, as well as technological improvements, have increased the functionality of security systems, enabling greater flexibility and convenience, as well as improved consumer safety.
Restraint:
Expensive products and limited clarity regarding technology
Automation equipment, tools, and appliances are costly. Users with little disposable income may struggle to understand the automation solution and its necessity. Due to the high cost, it is being accepted by specific market segments. In addition, smart gadget pricing are now on the higher end of the market. Furthermore, this cost barrier is predicted to be seen in underdeveloped countries rather than advanced countries. This is likely to prevent widespread adoption. Similarly, these users are unsure of its application, usage, and overall benefits.
Opportunity:
Rapid urbanization in developing countries
Emerging nations are also witnessing rapid urbanization with the development of smart cities. The concentration of housing construction in cities has resulted in an increasing demand for enhanced housing infrastructure in emerging economies. This would eventually lead to the installation of home automation systems in newly developed, modern housing projects. Thus, the expansion of housing infrastructure would increase demand for smart HVAC controls, smart lighting, and smart locks, particularly in technologically advanced countries such as India, China, and Brazil.
Threat:
Growing security concerns with home automation devices
Buyers are getting more concerned about cybersecurity as the number of IoT-based home automation solutions grows. This has major consequences for home security system buyers. The severity of a security breach grows for crucial home automation devices such as smart locks and smart cameras. Home automation can be vulnerable to security breaches owing to flaws in the product itself or an insecure wireless connection linking the home automation devices.
COVID-19 Impact:
The home automation sector was limited during the COVID-19 epidemic owing to logistical service regulations. However, with increased knowledge and adoption of the concept of smart homes and home automation, there is a considerable growth in demand for smart houses operated with home automation. Stay-at-home limitations imposed to combat viral transmission pushed up market demand gradually. According to market experts, this has increased demand for efficient home energy-saving smart gadgets to monitor energy consumption and save utility bills.
The entertainment and other controls segment is expected to be the largest during the forecast period
The entertainment and other controls segment is estimated to have a lucrative growth. It has the capacity to control our TV and video sources. This can be attributed to the growing number of options accessible on the market, such as Google Home, Amazon Echo, and so on, as well as users' willingness to purchase them. One may conveniently operate the TV of their choice, as well as select and manage the material playing on that TV, using the smart application. It can control as many TVs and video sources as there are in the house.
The wireless home automation system segment is expected to have the highest CAGR during the forecast period
The wireless home automation system segment is anticipated to witness the highest CAGR growth during the forecast period, due to the rise in demand for wireless home automation systems and the efficiency of setting them up and using them. Its open technology allows for customisation and may run many devices at the same time. Wireless network connections are now more intelligent solutions for managing smart property systems. Google Home Hub, Samsung Smart Things, and Apple Homekit are some of the items that work on wireless networks.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the accelerated adoption of newer technology by the masses in the region and the higher level of disposable income. Companies in this region are constantly active in mergers and acquisitions (M&A) to expand home automation solutions. Increasing technical improvements and improved internet connectivity are driving the Home Automation Market in this region. Furthermore, efforts made by the government and private players in research and development of novel products are expected to feed the market even further.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to increasing investment in smart technologies. Innovative technologies, such as voice-controlled smart home devices and increased internet penetration, which enables linked home automation, are driving market expansion in this region. China is expected to dominate the region's share due to the dominance of key smart device makers. Due to rising demand for automated solutions, India is likely to grow at a high CAGR during the forecast period.
Key players in the market:
Some of the key players profiled in the Home Automation Market include Samsung Electronics Co., Ltd., ABB, Schneider Electric, Siemens, Johnson Controls, Control4, Crestron Electronics, Inc., Leviton Manufacturing Company, Resideo, Legrand, Honeywell International, Inc. and ADT Inc.
Key Developments:
In October 2020, Resideo (US) announced the launch of the Honeywell Home ProSeries Security and Smart Home Platform. The ProSeries Platform, which ranges from an entry-level security system to a fully integrated smart home solution, provides dealers who serve residential and small businesses with a complete, end-to-end solution and increases Resideo's overall portfolio of linked security systems and services.
In February 2020, Legrand acquired Focal Point (US), a producer of architectural lighting for non-residential buildings. This acquisition will reinforce Legrand's position as the market leader in lighting control solutions for both residential and commercial product offerings in the United States.
Types Covered:
- Managed Home Automation System
- Mainstream Home Automation System
- DIY (Do It Yourself) Home Automation System
- Luxury Home Automation System
Products Covered:
- HVAC Control
- Lighting Control
- Security and Access Control
- Entertainment and Other Controls
Networking Technologies Covered:
- Computing Home Automation System
- Wired Home Automation System
- Wireless Home Automation System
- Other Networking Technologies
End Users Covered:
- Commercial
- Residential
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 Technology Analysis
- 3.8 End User Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Home Automation Market, By Type
- 5.1 Introduction
- 5.2 Managed Home Automation System
- 5.3 Mainstream Home Automation System
- 5.4 DIY (Do It Yourself) Home Automation System
- 5.5 Luxury Home Automation System
6 Global Home Automation Market, By Product
- 6.1 Introduction
- 6.2 HVAC Control
- 6.3 Lighting Control
- 6.4 Security and Access Control
- 6.5 Entertainment and Other Controls
7 Global Home Automation Market, By Networking Technology
- 7.1 Introduction
- 7.2 Computing Home Automation System
- 7.3 Wired Home Automation System
- 7.4 Wireless Home Automation System
- 7.5 Other Networking Technologies
8 Global Home Automation Market, By End User
- 8.1 Introduction
- 8.2 Commercial
- 8.3 Residential
9 Global Home Automation Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Samsung Electronics Co., Ltd.
- 11.2 ABB
- 11.3 Schneider Electric
- 11.4 Siemens
- 11.5 Johnson Controls
- 11.6 Control4
- 11.7 Crestron Electronics, Inc.
- 11.8 Leviton Manufacturing Company
- 11.9 Resideo
- 11.10 Legrand
- 11.11 Honeywell International, Inc.
- 11.12 ADT Inc.
List of Tables
- Table 1 Global Home Automation Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Home Automation Market Outlook, By Type (2020-2028) ($MN)
- Table 3 Global Home Automation Market Outlook, By Managed Home Automation System (2020-2028) ($MN)
- Table 4 Global Home Automation Market Outlook, By Mainstream Home Automation System (2020-2028) ($MN)
- Table 5 Global Home Automation Market Outlook, By DIY (Do It Yourself) Home Automation System (2020-2028) ($MN)
- Table 6 Global Home Automation Market Outlook, By Luxury Home Automation System (2020-2028) ($MN)
- Table 7 Global Home Automation Market Outlook, By Product (2020-2028) ($MN)
- Table 8 Global Home Automation Market Outlook, By HVAC Control (2020-2028) ($MN)
- Table 9 Global Home Automation Market Outlook, By Lighting Control (2020-2028) ($MN)
- Table 10 Global Home Automation Market Outlook, By Security and Access Control (2020-2028) ($MN)
- Table 11 Global Home Automation Market Outlook, By Entertainment and Other Controls (2020-2028) ($MN)
- Table 12 Global Home Automation Market Outlook, By Networking Technology (2020-2028) ($MN)
- Table 13 Global Home Automation Market Outlook, By Computing Home Automation System (2020-2028) ($MN)
- Table 14 Global Home Automation Market Outlook, By Wired Home Automation System (2020-2028) ($MN)
- Table 15 Global Home Automation Market Outlook, By Wireless Home Automation System (2020-2028) ($MN)
- Table 16 Global Home Automation Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
- Table 17 Global Home Automation Market Outlook, By End User (2020-2028) ($MN)
- Table 18 Global Home Automation Market Outlook, By Commercial (2020-2028) ($MN)
- Table 19 Global Home Automation Market Outlook, By Residential (2020-2028) ($MN)
- Table 20 North America Home Automation Market Outlook, By Country (2020-2028) ($MN)
- Table 21 North America Home Automation Market Outlook, By Type (2020-2028) ($MN)
- Table 22 North America Home Automation Market Outlook, By Managed Home Automation System (2020-2028) ($MN)
- Table 23 North America Home Automation Market Outlook, By Mainstream Home Automation System (2020-2028) ($MN)
- Table 24 North America Home Automation Market Outlook, By DIY (Do It Yourself) Home Automation System (2020-2028) ($MN)
- Table 25 North America Home Automation Market Outlook, By Luxury Home Automation System (2020-2028) ($MN)
- Table 26 North America Home Automation Market Outlook, By Product (2020-2028) ($MN)
- Table 27 North America Home Automation Market Outlook, By HVAC Control (2020-2028) ($MN)
- Table 28 North America Home Automation Market Outlook, By Lighting Control (2020-2028) ($MN)
- Table 29 North America Home Automation Market Outlook, By Security and Access Control (2020-2028) ($MN)
- Table 30 North America Home Automation Market Outlook, By Entertainment and Other Controls (2020-2028) ($MN)
- Table 31 North America Home Automation Market Outlook, By Networking Technology (2020-2028) ($MN)
- Table 32 North America Home Automation Market Outlook, By Computing Home Automation System (2020-2028) ($MN)
- Table 33 North America Home Automation Market Outlook, By Wired Home Automation System (2020-2028) ($MN)
- Table 34 North America Home Automation Market Outlook, By Wireless Home Automation System (2020-2028) ($MN)
- Table 35 North America Home Automation Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
- Table 36 North America Home Automation Market Outlook, By End User (2020-2028) ($MN)
- Table 37 North America Home Automation Market Outlook, By Commercial (2020-2028) ($MN)
- Table 38 North America Home Automation Market Outlook, By Residential (2020-2028) ($MN)
- Table 39 Europe Home Automation Market Outlook, By Country (2020-2028) ($MN)
- Table 40 Europe Home Automation Market Outlook, By Type (2020-2028) ($MN)
- Table 41 Europe Home Automation Market Outlook, By Managed Home Automation System (2020-2028) ($MN)
- Table 42 Europe Home Automation Market Outlook, By Mainstream Home Automation System (2020-2028) ($MN)
- Table 43 Europe Home Automation Market Outlook, By DIY (Do It Yourself) Home Automation System (2020-2028) ($MN)
- Table 44 Europe Home Automation Market Outlook, By Luxury Home Automation System (2020-2028) ($MN)
- Table 45 Europe Home Automation Market Outlook, By Product (2020-2028) ($MN)
- Table 46 Europe Home Automation Market Outlook, By HVAC Control (2020-2028) ($MN)
- Table 47 Europe Home Automation Market Outlook, By Lighting Control (2020-2028) ($MN)
- Table 48 Europe Home Automation Market Outlook, By Security and Access Control (2020-2028) ($MN)
- Table 49 Europe Home Automation Market Outlook, By Entertainment and Other Controls (2020-2028) ($MN)
- Table 50 Europe Home Automation Market Outlook, By Networking Technology (2020-2028) ($MN)
- Table 51 Europe Home Automation Market Outlook, By Computing Home Automation System (2020-2028) ($MN)
- Table 52 Europe Home Automation Market Outlook, By Wired Home Automation System (2020-2028) ($MN)
- Table 53 Europe Home Automation Market Outlook, By Wireless Home Automation System (2020-2028) ($MN)
- Table 54 Europe Home Automation Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
- Table 55 Europe Home Automation Market Outlook, By End User (2020-2028) ($MN)
- Table 56 Europe Home Automation Market Outlook, By Commercial (2020-2028) ($MN)
- Table 57 Europe Home Automation Market Outlook, By Residential (2020-2028) ($MN)
- Table 58 Asia Pacific Home Automation Market Outlook, By Country (2020-2028) ($MN)
- Table 59 Asia Pacific Home Automation Market Outlook, By Type (2020-2028) ($MN)
- Table 60 Asia Pacific Home Automation Market Outlook, By Managed Home Automation System (2020-2028) ($MN)
- Table 61 Asia Pacific Home Automation Market Outlook, By Mainstream Home Automation System (2020-2028) ($MN)
- Table 62 Asia Pacific Home Automation Market Outlook, By DIY (Do It Yourself) Home Automation System (2020-2028) ($MN)
- Table 63 Asia Pacific Home Automation Market Outlook, By Luxury Home Automation System (2020-2028) ($MN)
- Table 64 Asia Pacific Home Automation Market Outlook, By Product (2020-2028) ($MN)
- Table 65 Asia Pacific Home Automation Market Outlook, By HVAC Control (2020-2028) ($MN)
- Table 66 Asia Pacific Home Automation Market Outlook, By Lighting Control (2020-2028) ($MN)
- Table 67 Asia Pacific Home Automation Market Outlook, By Security and Access Control (2020-2028) ($MN)
- Table 68 Asia Pacific Home Automation Market Outlook, By Entertainment and Other Controls (2020-2028) ($MN)
- Table 69 Asia Pacific Home Automation Market Outlook, By Networking Technology (2020-2028) ($MN)
- Table 70 Asia Pacific Home Automation Market Outlook, By Computing Home Automation System (2020-2028) ($MN)
- Table 71 Asia Pacific Home Automation Market Outlook, By Wired Home Automation System (2020-2028) ($MN)
- Table 72 Asia Pacific Home Automation Market Outlook, By Wireless Home Automation System (2020-2028) ($MN)
- Table 73 Asia Pacific Home Automation Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
- Table 74 Asia Pacific Home Automation Market Outlook, By End User (2020-2028) ($MN)
- Table 75 Asia Pacific Home Automation Market Outlook, By Commercial (2020-2028) ($MN)
- Table 76 Asia Pacific Home Automation Market Outlook, By Residential (2020-2028) ($MN)
- Table 77 South America Home Automation Market Outlook, By Country (2020-2028) ($MN)
- Table 78 South America Home Automation Market Outlook, By Type (2020-2028) ($MN)
- Table 79 South America Home Automation Market Outlook, By Managed Home Automation System (2020-2028) ($MN)
- Table 80 South America Home Automation Market Outlook, By Mainstream Home Automation System (2020-2028) ($MN)
- Table 81 South America Home Automation Market Outlook, By DIY (Do It Yourself) Home Automation System (2020-2028) ($MN)
- Table 82 South America Home Automation Market Outlook, By Luxury Home Automation System (2020-2028) ($MN)
- Table 83 South America Home Automation Market Outlook, By Product (2020-2028) ($MN)
- Table 84 South America Home Automation Market Outlook, By HVAC Control (2020-2028) ($MN)
- Table 85 South America Home Automation Market Outlook, By Lighting Control (2020-2028) ($MN)
- Table 86 South America Home Automation Market Outlook, By Security and Access Control (2020-2028) ($MN)
- Table 87 South America Home Automation Market Outlook, By Entertainment and Other Controls (2020-2028) ($MN)
- Table 88 South America Home Automation Market Outlook, By Networking Technology (2020-2028) ($MN)
- Table 89 South America Home Automation Market Outlook, By Computing Home Automation System (2020-2028) ($MN)
- Table 90 South America Home Automation Market Outlook, By Wired Home Automation System (2020-2028) ($MN)
- Table 91 South America Home Automation Market Outlook, By Wireless Home Automation System (2020-2028) ($MN)
- Table 92 South America Home Automation Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
- Table 93 South America Home Automation Market Outlook, By End User (2020-2028) ($MN)
- Table 94 South America Home Automation Market Outlook, By Commercial (2020-2028) ($MN)
- Table 95 South America Home Automation Market Outlook, By Residential (2020-2028) ($MN)
- Table 96 Middle East & Africa Home Automation Market Outlook, By Country (2020-2028) ($MN)
- Table 97 Middle East & Africa Home Automation Market Outlook, By Type (2020-2028) ($MN)
- Table 98 Middle East & Africa Home Automation Market Outlook, By Managed Home Automation System (2020-2028) ($MN)
- Table 99 Middle East & Africa Home Automation Market Outlook, By Mainstream Home Automation System (2020-2028) ($MN)
- Table 100 Middle East & Africa Home Automation Market Outlook, By DIY (Do It Yourself) Home Automation System (2020-2028) ($MN)
- Table 101 Middle East & Africa Home Automation Market Outlook, By Luxury Home Automation System (2020-2028) ($MN)
- Table 102 Middle East & Africa Home Automation Market Outlook, By Product (2020-2028) ($MN)
- Table 103 Middle East & Africa Home Automation Market Outlook, By HVAC Control (2020-2028) ($MN)
- Table 104 Middle East & Africa Home Automation Market Outlook, By Lighting Control (2020-2028) ($MN)
- Table 105 Middle East & Africa Home Automation Market Outlook, By Security and Access Control (2020-2028) ($MN)
- Table 106 Middle East & Africa Home Automation Market Outlook, By Entertainment and Other Controls (2020-2028) ($MN)
- Table 107 Middle East & Africa Home Automation Market Outlook, By Networking Technology (2020-2028) ($MN)
- Table 108 Middle East & Africa Home Automation Market Outlook, By Computing Home Automation System (2020-2028) ($MN)
- Table 109 Middle East & Africa Home Automation Market Outlook, By Wired Home Automation System (2020-2028) ($MN)
- Table 110 Middle East & Africa Home Automation Market Outlook, By Wireless Home Automation System (2020-2028) ($MN)
- Table 111 Middle East & Africa Home Automation Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
- Table 112 Middle East & Africa Home Automation Market Outlook, By End User (2020-2028) ($MN)
- Table 113 Middle East & Africa Home Automation Market Outlook, By Commercial (2020-2028) ($MN)
- Table 114 Middle East & Africa Home Automation Market Outlook, By Residential (2020-2028) ($MN)
