Soaring Demand for Smart TV Propelled Industry Growth
Although the home automation devices witnessed a dip in production during the initial phase of the COVID-19 pandemic, the next few years witnessed significant traction for smart devices. Home energy-saving smart devices became highly sought-after to minimize utility bills and keep a check on energy consumption. End-users exhibited profound demand for smart set-top boxes, smart TV and streaming sticks with voice commands. Industry participants expect light switches, TV remotes, doorbells and door handle to gain traction in the ensuing period.
The report offers a comprehensive perspective of the market size, share, revenue and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals. The research report also delves into pre-and post-COVID analysis to provide a holistic view of the market.
Adoption of Smart Devices to Propel Product Segment
In terms of component, the market is segmented into products and services. The product segment is further sub-segmented into smart entertainment, smart appliances, smart lighting system, HVAC, security & safety, wellness monitoring and others. The services segment is sub-divided into support and maintenance, installation or implementation and consulting. The product segment will account for a considerable share of the global market on account of the rising trend for smart devices.
Wireless Network Technology to Remain Dominant Due to Adoption of Smart Devices
With respect to network technology, the industry is segregated into wireless, wired and power line-based. The wireless network technology segment will grow with the rising need to monitor smart devices.
Drivers and Restraints
Trend for Smart Home Technology to Underpin Industry Growth
Home automation market share will gain prominence from the rising prominence of AI, IoT and machine learning across smart products. To illustrate, in January 2020, Voicebot claimed that approximately 87.7 million U.S. customers used smart speakers. A notable uptick in the penetration of smart speakers, face recognition doorbells, light automation, video monitoring devices and automated sprinklers will bode well for the business forecast. The emergence of smart entertainment, smart kitchen, advanced self-health care and smart security has encouraged stakeholders to boost their value proposition. However, the high cost attributed to smart products could dent the industry growth.
Stakeholders Invest in Strategic Approaches to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements and R&D activities. Besides, significant companies could invest in innovations and product offerings in the ensuing period.
Notable Industry Developments
- February 2020 – Crestron Electronics announced the latest update to the Crestron Home platform, debuting a host of new features and support for smart home solutions offered by partner manufacturers.
- May 2020 – Savant Systems announced the acquisition of GE Lighting to boost its smart home technology portfolio.
Major Players Profiled in the Market Report:
- Schneider Electric (France)
- Siemens AG (Germany)
- ABB Ltd. (Switzerland)
- Crestron Electronics (U.S.)
- Honeywell International Inc. (U.S.)
- Control4 Corporation (U.S.)
- Savant Systems LLC (U.S.)
- Legrand SA (France)
- Johnson Controls International plc (Ireland)
- Koninklijke Philips N.V (Netherlands)The global home automation market size stood at USD 64.58 billion in 2020. The market could surge from USD 72.30 billion in 2021 to USD 163.24 billion by 2028, at a 12.3% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Home Automation Market, 2021-2028.”
- According to the analysis, home automation systems will be sought to streamline home operations through connected smart devices. The emergence of smart devices will remain pivotal in reducing utility costs, boosting energy saving, and offering safety. Soaring home ownership and investments in advanced solutions will encourage leading companies to invest in the portfolio.