Smart property technology is exploring and transforming the home automation system in significant ways. Automation was once thought to include controlling appliances and other machinery over internet networks. But automation gets smarter as smart technology advances. Smart kitchens, intelligent entertainment systems, intelligent security systems, self-diagnosing devices, and advanced self-health care are a few examples. Smart gadgets are used to incorporate cutting-edge technology like artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) to increase automation possibilities.
According to SPER market research, ‘Home Automation System Market Size- By Management, By Product, By Software and Algorithm – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Home Automation System Market is predicted to reach USD 128.92 billion by 2033 with a CAGR of 9.32%.
Driver: The growing number of millennials worldwide who own real estate.
The increase in homeownership is one of the key factors contributing to the growing popularity of home automation systems. Millennials make up the great bulk of individuals buying new homes. As of March 2020, millennials accounted for 38% of all US house buyers, according to the National Association of REALTORS. Furthermore, most millennials are the ones that purchase home automation systems. This makes home automation solutions quite popular with this group of people. The US Department of Commerce and the Greater London Authority supply the housing unit data for the US and London. In these places, home automation systems are widely used in homes.
Challenges: A difficulty associated with home automation systems is the increase in security threats.
As there are an increasing number of IoT-based home automation choices accessible, customers’ concerns around cybersecurity are growing. This will have a severe negative impact on home security system buyers. When vital home automation technologies, such as smart locks and cameras, are compromised, the security breach becomes more catastrophic. Home automation may be vulnerable to security breaches as a result of defective products or unreliable wireless connectivity between the devices. In July 2019, the well-known security research group Kaspersky found a security flaw in the Fibaro (Poland) smart home system. Anybody could upload and download backup data to and from the cloud server via the smart hub thanks to this vulnerability.
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Impact of COVID-19 on Global Home Automation System Market
The global coronavirus epidemic has generated a variety of challenges for exporters from both developing and developed countries. The difficulties faced by Home Automation System exporters are expected to continue for the foreseeable future, as several states and governments throughout the world use a range of measures to combat COVID-19. Following the COVID-19 viral outbreak, producers expanded their social media promotion of Home Automation System to reach a large consumer base. Curfews and the global norm of keeping social distance have an impact on domestic and foreign output, slowing total market growth.
Home Automation System Market Key Players:
Furthermore, Additionally, some of the market key players are ABB Ltd, Control4 Corporation, Crestron Electronics, Inc, Honeywell International, Inc, Ingersoll-Rand plc, Johnson Controls, Legrand SA, Leviton Manufacturing Company, Inc, Lutron Electronics Co., Inc, Schneider Electric, Siemens AG, Resideo.
Home Automation System Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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By Management: |
· On-Premises · Cloud-based |
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By Product: |
· Lighting Control · Security and Access Control · HVAC Control · Entertainment · Others |
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By Software and Algorithm: |
· Direct-to-customers · E-commerce · Modern Trade · Specialty Stores |
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By Region: |
· Asia-Pacific · Europe · Middle East & Africa · North America · Latin America |
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Home Automation System Market Business Opportunity
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