Cost-effectiveness of home automation systems, increase in popularity of Internet of Things (IoT) for smart homes, and surge in concerns for safety and security drive the growth of the global home automation market. Based on application, the safety & security segment accounted for the major share in 2020. By region, on the other hand, LAMEA would cite the fastest CAGR by 2030.
Portland, OR, Jan. 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global home automation market was estimated at $46.60 billion in 2020 and is expected to hit $239.89 billion by 2030, registering a CAGR of 17.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Cost-effectiveness of home automation systems, increase in popularity of Internet of Things (IoT) for smart homes, and surge in concerns for safety and security drive the growth of the global home automation market. On the other hand, lack of awareness and high initial investment restrain the growth to some extent. Nevertheless, surge in adoption of automated services is expected to create lucrative opportunities in the industry.
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The construction, manufacturing, hotel, and tourism industries were highly affected during the pandemic, especially throughout the initial phase. Also, disrupted supply chains led to decline in manufacturing of home automation as well as their demand in the market, thereby impacting the global home automation market negatively.
However, as the overall situation gets ameliorated, the market is projected to recover soon.
The global home automation market is analyzed across application, technology, end-user, and region.
Based on application, the safety & security segment accounted for the major share in 2020, holding nearly two-fifths of the global market. The entertainment segment, however, would exhibit the fastest CAGR of 19.2% throughout the forecast period.
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Based on technology, the wireless segment generated the highest share in 2020, accounting for more than half the global market. The same segment would also exhibit the fastest CAGR of 18.1% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering nearly two-fifths of the global market. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 20.6% by the end of 2030. The other provinces studied in the report include Europe and North America.
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The key market players analyzed in the global home automation market report include ADT, Creston Electronics, Inc., Honeywell International Inc., Schneider Electric, Legrand, Ingresoll Rand, ABB, Johnson Controls, Larsen & Toubro Ltd., and Samsung Electronics Co., Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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