Global
home automation market was valued at USD 4.41 billion in 2014,
growing at a CAGR of 26.3% from 2014 to 2020. Home automation systems
refer to all such systems, whether used as a single application or as
integrated solutions that are used to automate processes. They are
electricity powered and are manually controlled (such as turning on
the AC, dimming lights, managing entrance gate and cameras, operating
smart appliances in a house, and so on. With technological
advancements in several developing countries across the globe, home
automation solutions are evolving continuously. Modern day home
automation solutions utilize high end digital technology for
providing better performance and efficiency.
The
global home
automation market is segmented by region into North America,
Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The home
automation market is primarily driven by growing need for effective
solutions in various domestic applications such as lighting, safety
and security, energy management, entertainment (audio and video), and
HVAC (heating, ventilation, and air conditioning). High degree of
internet connectivity and penetration in developed countries such as
the U.S., the U.K., France, and Germany are also contributing to the
growth of home automation market globally.
Geographically,
North America led the home automation market in 2014 and the region
is expected to continue its dominance by 2020. The region’s
dominance is due to advancement in technology in countries such as
the U.S. and Canada. Moreover, consumer awareness and affinity
towards new technology is further contributing to the growth of home
automation market in North America. Europe and Asia Pacific followed
North America in the global home automation market to collectively
account for more than forty percent of the global market revenue
share.
The
home automation market is segmented on the basis of application into
lighting, safety and security, HVAC (Heating, Ventilation, and
Air-Conditioning), entertainment, energy management, among others.
Among all, safety and security segment held the highest market
revenue share in 2014 and is expected to remain so during the
forecast period. Demand for safety and security home automation
systems is attributed to growing need for remote home monitoring
solutions and increasing risk of criminal activities such as theft
and robbery. Safety and security segment is followed by entertainment
and lightening segment.
The
home automation market is further segmented by networking technology
into wired systems, power-line systems, computing networks, and
wireless systems. Wireless system segment of home automation
technology held the highest revenue share accounting for more than
fifty percent of the overall market in 2013. With the increase in
number of products equipped with WiFi technology, the demand for
wireless technology enabled home automation solutions are observing
substantial growth globally. Power-line systems is analyzed to be the
second fastest growing networking technology segment after wireless
systems and is expected to attain a significant growth in the recent
future.
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