NEW YORK, Nov. 15, 2023 /PRNewswire/ -- In a recent report by Technavio titled Smart Home Automation Market Analysis - Global Trends, Growth, Size, and Forecast 2024-2028," the landscape of the smart home automation market unfolds with promising prospects. The study projects a robust Compound Annual Growth Rate (CAGR) of 26.23% in market size between 2023 and 2028, with an anticipated increase of USD 179.03 billion during this period.
The growth in smart home automation is driven by several key factors. The increasing reliance on wireless technologies stands out as a primary driver, offering easy installation and operation through remote control. Wireless devices for heating, ventilation, air conditioning (HVAC) control, security surveillance, and other home automation applications contribute to this growth trend. The market also benefits from the affordability of retrofit smart home devices, meeting the rising demand for home security and monitoring systems.
North America is anticipated to make a substantial contribution to global market growth, with an estimated 33% share during the forecast period. Factors such as the desire for a luxurious lifestyle, increasing disposable income, and the rising adoption of home automation systems for enhanced security contribute to the market's growth in the region. Request sample report
Technavio highlights the emerging trends of Smart Home Automation Market:
Cloud-Centric Intelligence: The surge in smart home automation is significantly influenced by the widespread adoption of cloud-based technologies. The centralization of control through home gateways relies on cloud networks, marking a pivotal shift in the intelligence landscape.
Simplified Software Management: Cloud-based services play a crucial role in reducing the complexity of software issues associated with connected devices. This simplification enhances the overall functionality and interoperability of smart home security systems.
Residential Embrace: Rapidly increasing numbers of residential users are opting for cloud-based home security solutions. These solutions offer self-monitoring and remote-service features, providing homeowners with a user-friendly interface for activities such as arming, disarming, and monitoring the security status remotely.
Cost-Efficiency and Scalability: Cloud-based services contribute to a lower cost of ownership for users, making smart home security solutions more accessible. The on-demand scalability without additional costs further enhances the appeal of these technologies, boosting market growth during the forecast period.
Prominent companies are actively immersing themselves in the trend.
Major companies in the smart home automation market, such as ABB Ltd., Alphabet Inc., and Amazon.com Inc., are significantly impacting the industry by providing comprehensive and innovative solutions. ABB Ltd. stands out for its offerings covering a wide array of functions, including blinds, lighting, heating, air conditioning, and door communication, designed to simplify and smarten everyday life. Alphabet Inc., with its Google Home ecosystem, manages and controls devices like Google Nest, Google Wifi, Google Home, and Chromecast, along with numerous compatible connected home devices, contributing to a seamlessly automated experience. Similarly, Amazon.com Inc., through its Alexa smart home solutions, plays a significant role in enhancing home automation by simplifying daily routines, thereby making homes smarter. The robust and diverse offerings from these industry giants underscore their significant impact on shaping the trajectory of the smart home automation market, catering to the evolving needs and expectations of consumers.
This smart home automation market report extensively covers market segmentation by technology (hybrid, wireless, and wired), component (hardware, software, and services), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
According to the findings of Technavio, the Smart Home Automation Market mirrors the growth trends seen in the cloud storage services segment, driven by technological advancements, consumer demand, and strategic initiatives by key market players. For a deeper understanding of the market, including detailed analyses and growth opportunities, the complete Technavio report is available for purchase. Buy the full report here
Allegion Public Ltd. Co.
Crestron Electronics Inc.
Honeywell International Inc.
Ingersoll Rand Inc.
Johnson Controls International Plc
Leviton Manufacturing Co. Inc.
Lutron Electronics Co. Inc.
Panasonic Holdings Corp.
Robert Bosch GmbH
Samsung Electronics Co. Ltd.
Schneider Electric SE
Snap One LLC
Middle East and Africa
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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