The home automation system market is expected to grow from USD 40.8 billion in 2020 and is projected to reach USD 63.2 billion by 2025; it is expected to grow at a CAGR of 9.1% during the forecast period. As millennials account for the majority of new home buyers, growing homeownership is one of the major factors driving the adoption of home automation systems. Insurance companies offering attractive discounts to house owners having inbuilt access control and security systems is expected to help consumers to save on house insurance premiums and cover the cost of adopting home security systems for residential applications. The integration of home healthcare equipment with home automation systems such as monitoring and diagnostic tools is simplifying the caregiving process for the elderly and ailing. As a result, AI voice technology has resonated well with the baby boomers and elderly.
On-premises management expected to maintain its market dominance during forecast period On-premises management systems consist of a central hub that controls all the home automation systems in the home.It allows the user to control lights, thermostat, HVAC, audio and video streaming devices, and other home appliances from a single source.
This management system is also widely used with home automation security systems.On-premises management was the only system available for home automation for many years.
They are ideal for connecting to a large number of smart devices from a single source.New homes generally have preinstalled on-premises management systems.
Hence, the market for on-premises management is expected to hold a larger share during the forecast period. Entertainment and other controls products expected to have the largest share of the market throughout the forecast The major controls used to control and regulate the entertainment systems in home automation are audio, volume, and multimedia room controls.Other controls include smart meters, smart plugs, smart hubs, smart locks, smart window blinds, and smoke detectors.
Automated home audio and volume controllers are used to control the audio and video played in the house or to customize what is playing in each room individually.There are numerous commercial systems that can be purchased in the market, or the user can also get a system custom-built or homemade.
The emergence of voice-controlled speakers such as Google Home and Amazon Echo has greatly expanded the market for entertainment controls.Other controls include smart meters, smoke detectors, smart plugs, smart window blinds, smart locks, and smart hubs which are commonly found in many homes as they are standalone devices.
Hence, the entertainment & other controls segment is expected to hold the largest market share during the forecast period.
Behavioral software and algorithm to held larger share of the market in 2020 Behavioral type of software and algorithm analyzes energy-related data from various home automation devices and sensors and forwards it to the end users.This category of software and algorithm is restricted to transmitting and receiving the data and does not perform intelligent actions.
Many of the home automation devices have behavioral type of software and algorithm.This includes smart meters, smart blinds, and AV controls.
Since most home automation systems were initially equipped with the behavioral type of software and algorithm, it has a slightly higher market share compared to the proactive type.
North America to hold significant share of the market in 2020 North America is expected to hold the largest market for home automation systems in 2020 and is expected to remain the largest market in the future due to a large real estate and housing market in the US and Canada.Factors such as the increasing demand for reliable home energy management systems; enhanced home security levels; improved device standards; and the growing popularity of integration of smart devices, such as tablets, smartphones, and standalone voice assistants, in homes are driving the market in North America.
This region is also home to some of the key players in the global home automation system market, such as Resideo (US), Acuity Brands (US), ADT (US), Control4 (US), and Crestron Electronics (US). This is expected to further boost market growth during the forecast period. The COVID-19 pandemic is expected to affect North America the most, while the market in APAC is expected to be the least impacted.The North American real estate market witnessed a sharp decline in the first and second quarters of 2020, resulting in fewer home purchases despite the fall in house prices.
Real estate prices are expected to drop to 10% during the pandemic due to reduced real estate bookings. As a result, many existing and potential home automation buyers in North America are deferring their purchases during the pandemic to avoid excess spending.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the home automation system marketspace. The break-up of primary participants for the report has been shown below: • By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30% • By Designation: C-level Executives – 40%, Directors – 40%, and Others – 20% • By Region: North America –40%, APAC– 30%, Europe – 20%, and RoW – 10%
The report profiles key players in the home automation system market with their respective market ranking analysis. Prominent players profiled in this report are Resideo (US), Legrand (France), Schneider Electric (France), Johnson Controls (Ireland), Siemens (Germany), Ingersoll Rand (US), ABB (Switzerland), Leviton Manufacturing Company (US), Control4 (US), Crestron Electronics (US), Acuity Brands (US), Lutron (US), Remote Technologies Incorporated (US), Elan (US), ADT (US), AMX (US), Develco Products (Denmark), Vantage Controls (US), Savant Systems (US), SmartThings (US), Google Nest (US), Vera (US), Canary (US), Deako (US), Smartzone (Ireland), Sentinel Electronics (Australia), and Wink (US).
Research Coverage: This research report categorizes the home automation system market on the basis of management, product, software and algorithm, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the home automation system market and forecasts the same till 2025 (including analysis of COVID-19 impact on the market).
Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the home automation system ecosystem.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways: 1. This report segments the home automation system market comprehensively and provides the closest market size projection for all subsegments across different regions. 2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. 3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions. 4. The analysis of the top 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players. 5. Patent analysis, trade data, and technological trends that will shape the market in the coming years has also been covered in this report.
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