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Home automation also referred to as domotics is the automation of a home by involving intelligent technology for enabling benefits of safety, comfort, and energy conservation. Integrating and centralizing the control of operations gives rise to the concept of Smart Homes or Smart Houses.
It monitors and/or controls home attributes, appliances and equipment such as lighting, climate, entertainment systems, heating, ventilation, and air conditioning (HVAC) by connecting them to a central hub or gateway. It can also include home security such as access control and alarm systems.
The user interfaces for control of these systems generally use wall-mounted terminals, tablet or desktop computers, a mobile phone application, or a Web interface that may also be accessible off-site through the Internet.
It also offers functions such as remote lighting control, thermostat control, fire and carbon monoxide monitoring, home cameras, alarm systems, live video surveillance, real-time text, and email alerts.
The global home automation market is projected to witness growth at a CAGR of around 10.2% over the 2020-2025 phase.
The growth of this market is attributed towards major pertaining factors including; the globally increasing importance of home monitoring from remote locations, the rising consumer awareness related to availability of smart home devices such as automated security & lighting systems, the shifting of customer focus from traditional houses to smart homes, the growing adoption of systems or devices in a number of smart applications and the worldwide proliferating demand for energy efficiency in smart homes & buildings etc.
Additionally, with the implementation of Internet of Things (IoT) in these systems, almost everything from appliances to security systems can be controlled with smart home devices. As a result, several technology giants like Apple, Google, Microsoft and Samsung are seen to be heavily investing in the home automation industry. This advancement of Internet accessibility and the growing penetration of Internet of Things (IoT) is massively contributing in spurring the growth of the global home automation market.
Moreover, home automation systems also along with extending various advantages; provide facilities such as notifying the users about intruders and activities at their homes, which in turn aids in the prevention of potential crimes in the households. This is creating stupendous demand for home automations systems all across the globe and is fueling the overall market growth substantially.
Furthermore, other factors such as the rapid development of innovative & energy efficient automated systems, growing stringent government regulations, rising electricity prices, growing technological advancements, the rising preference towards a better standard of living, the adoption of cloud-based solutions in smart home appliances, the increasing demand for energy efficient and green product solutions, the emergence of next-gen connected systems further propel the growth of this market. In addition, the increasing urban population and the growing geriatric population also have a significant impact on the growth of the global home automation market.
However, factors such as lack of standardized security measures and skilled labor, possibility of unethical technological breaches, lack of awareness about home automation products, the high initial investment requirement and dependency on real estate industry cycle restrain the growth of this market.
HOME AUTOMATION MARKET SEGMENTATION:
By Software and Algorithm:
The North American region holds the largest market share in the home automation market followed by Europe. The region is expected to maintain its dominance in the next few years also due to massive growth in the region which could be attributed to factors such the increasing user base of these systems in the region, the presence of majority of key players of the market in the region, the increasing advancement in technology and growing consumer awareness regarding these products in the region etc. The major contributor in the region is the U.S.
The Asia Pacific region is the fastest growing regional market for home automation solution and is projected to witness significant amount of growth in the upcoming years as well. The growth in the region could be accounted to factors such as the growing real estate and home construction industry in the major economies in the region, the massively growing population coupled with their increasing disposable incomes and the growing advent of innovative technologies in the region, such as voice controlled smart home devices etc. The major contributors in the region include India, China and Japan.
FEW KEY PLAYERS IN HOME AUTOMATION MARKET: