Smart Home Automation Market Will Generate New Growth Opportunities By 2026
Global Smart Home Automation Market: An Overview
Inroads made by automation in consumer electronics for homeowners have underpinned many an exciting avenue. Smart home automation has risen in popularity, especially in emerging and established economies. The quadruple of attributes of connectivity, safety, security, and convenience that home automation technologies stands for is the compelling proposition for their rising deployment. The commercialization of an array of smart home automation draws strength from the rising awareness about the benefits—particularly for home security and surveillance.
A host of applications of smart home automation underlying the vast potential of the technologies are smart lighting, entertainment, smart kitchen, and HVAC and energy management. Powering smart home automation with renewable sources of energy is a crucial pivoting factor making them environmentally friendly.
The study offers critical assessment of factors that shape the demand for smart home automation devices in various applications. The analyses and quantitative assessments offered in the study helps market participants to get insights into emerging technological avenues and key investment pockets in the global smart home automation market.
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Global Smart Home Automation Market: Key Growth Dynamics
The focus of manufacturers of smart home automation devices on integrating hardware, software, and services has been a crucial driving factor. The aspect that weaves all these is perhaps the use of robust connectivity technologies, notably spearheaded by the advent of internet of things (IoT). Advances being witnessed in electronics, monitoring technologies, and imaging systems are fueling the strides in the global smart home automation market. Further, increasing trend of mainstreaming of voice control solutions in developing countries is catalyzing the rapid expansion of the market.
In recent years, wireless home automation has garnered some steam. The popularity is stoked further by the growing availability of smart home automation technologies via cloud computing. The advent of feature-rich products has created new demand trajectories in the global smart home automation market. These products are equipped with machine to machine (M2M) communication. However, there still exists low awareness of smart home automation technologies in less developed regions. On the other hand, smart home automation devices are likely to witness extensive application in video surveillance services and in smart kitchen. This will, undoubtedly, expand the potential of the global smart home automation market.
Global Smart Home Automation Market: Regional Outlook
The study evaluates the growth dynamics of various regions in the global smart home and the factors that underlie their revenue-generating potential. Some of the regional markets for smart home automation products are the Middle East and Africa, South America, North America, Europe, and Asia Pacific. One of the key regions in the global market is North America. The presence of several prominent device manufacturers and the large appetite for advanced automation are underpinning its substantial lucrativeness.
Meanwhile, Asia Pacific holds a large potential in the global smart home automation market on account of a number of macroeconomic underpinnings. The region is characterized by rising geriatric population as well the growing numbers of millennials who are attracted toward smart home automation technologies. Focus on improving living standards, coupled with marked disposable incomes the regional population has, is bolstering demand for smart home automation in Asia Pacific.
Global Smart Home Automation Market: Competitive Dynamics
The study offers an incisive assessment of the various elements of competitive dynamics of the smart home automation market. The analysis includes detailed profiling of emerging and established players and offers insights into the strategies that can change the status quo of the dynamics. Several prominent players operating in the global smart home automation market are focusing on new product developments and are bringing continuous upgrades.
Key names include Siemens AG, Schneider Electric, Lutron Electronics Co., Inc., Leviton, Johnson Controls, Honeywell International Inc., Crestron Electronics, and ABB Ltd.