The Home Automation Market revenue in 2022 was USD 45.6 Billion. The market is expected to reach USD 136.5 Billion by 2033, as it is estimated to grow at a CAGR of 10.6% for 2023 to 2033.
| Attributes | Details |
|---|---|
| Estimated Year (2023) Market Value | USD 49.7 Billion |
| Projected Year (2033) Market Value | USD 136.5 Billion |
| CAGR% (2023 to 2033) | 10.6% |
| Top 5 Vendor Market Share | Around 25% |
Home automation, which is also known as smart home, is an automation system that allows users to control appliances like security devices, electrical outlets, lights, fans and so on via smartphone or tablets. The primary objective of this system is on security systems, personal protection, and surveillance, which includes smart lock systems for doors windows fire alarms, surveillance equipment, and other sensor systems.
Home automation market consists 7.3% of the global automation market.
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Home automation market is estimated to grow at a CAGR of 10.6% for the forecast period compared to the historic CAGR for the period 2018 to 2022 of 6.8%.
The home automation market is being driven by a growing demand for energy-efficient systems, rapid expansion in the IoT market, convenience ease of use, technical advances, an increase in security threats and so on.
Additionally, rising millennial home ownership and increasing disposable income in developed economies are expected to drive automated home demand.
Furthermore, key players are concentrating on providing advanced solutions to enhance the efficiency and convenience of home management are creating a lucrative environment for the adoption of home automation technologies in the coming future.
Governments around the world are introducing the concept of smart cities and smart homes since it facilitates authorities in governance, in keeping accountability, and the helps in the reduction of corruption.
Furthermore, smart technology is rapidly expanding across industries. The home automation system are being explored and transformed by smart property technology.
Additionally, with the adoption of intelligent technology like self-diagnosing devices, smart security, smart entertainment, advanced self-health care, smart kitchen and so on are some of the primary factors driving home automation market growth.
North American region is analyzed to dominate the global home automation market with the share of 24.5% in 2022 and South Asia Pacific region is growing at the fastest rate in the global home automation market with the CAGR of 12.2 % during the forecast period of 2023 to 2033.
Increased adoption of advanced technologies such as artificial intelligence internet of things, rising trends towards smart cities along with higher disposable income drive the demand for smart technologies in the North American market.
Additionally, presence of various startups namely Boca Raton, Sense, CUJO AI are emerging in the region and are contributing to the market growth of home automation technologies in the North American region.
Rapid market growth in the South Asia Pacific region are attributed to the massive economic growth, increased housing real estate construction, rising demand for energy-saving technologies, and so on.
Furthermore, rapid development growth in the popularity of artificial intelligence, accelerated adoption of newer technology by the masses the rapid rise in data collection from users by various organizations are factors influencing market growth in South Asia Pacific region.
USA region is analyzed to dominate the global home automation market with the share of 14.8% in 2022.
This market growth can be attributed to the various factors such as increasing governmental initiatives towards the smart cities, rising demand for automated luxury home appliances and so on.
China region is growing at the fastest rate with the CAGR of 29.1% in the global home automation market, owing to the factors such as rising security concerns, rapid expansion of the residential flat culture leading to the increasing demand for advanced security systems and so on.
Germany region holds the second largest share of 11.2% in the global home automation market due to rising ageing population resulting in the increased demand for automated home appliances, introduction to the IoT wide adoption of 5G technology and so on.
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Luxury home automation system segment in home automation market holds the largest share of 32.4%, attributed to the various factors such as increased adoption of smart home solutions, rising growing incidences of geriatric populations and so on.
Additionally, increasing technological investments in the AI IoT technologies coupled with the integration of various voice command systems like Alexa Siri with various home appliances are the major reasons behind the increased adoption of luxury home automation technologies.
Safety and Security is analyzed to dominate the Home Automation market with the share of 26.7% in the home automation market owing to the factors such as introduction of smart grids together with the assistance of power line communication and so on.
Additionally, increasing concerns regarding the home safety due to the rapid rise in the terrorist attacks increasing incidences of crime across the world. These are the key factors behind the increased market share of safety segment in home automation market.
Wireless home automation systems are analysed to be the fastest growing at the CAGR of 11.2% in the home automation system market during the forecast period of 2023 to 2033, owing to the factors such as the rising demand for wireless solutions together with the increasing utilization of the chips ICs and so on.
Additionally, introduction to the Google Home Hub, Samsung Smart Things, and Apple Homekit are among the products that work on wireless networks.
A rising trend towards smart city along with the rising awareness among the consumers regarding the smart home appliances are arousing the demands for home automation.
| Attribute | Details |
|---|---|
| Market value in 2022 | USD 45.6 Billion |
| Market CAGR 2023 to 2033 | 10.6% |
| Share of top 5 players | Around 25% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia Pacific; East Asia and the Middle East Africa |
| Key Countries Covered | USA, Canada, Germany, United kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia New Zealand, GCC Countries, Turkey and South Africa |
| Key Segments Covered | Product Type, Application, Networking Technology and Region |
| Key Companies Profiled |
AMX; ADT Pulse; Control4 Corporation; Crestron; Vera; HomeSeer; SmartThings; Frontpoint; Savant; Siemens AG; Johnson Controls; Honeywell |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization Pricing | Available upon Request |
Some leading of the home automation are AMX, ADT Pulse, Control4 Corporation and Crestron.
South Asia Pacific is estimated to have the highest growth for the home automation during the forecast period of 12.2%.
Rapid expansion of smart cities along with the growing demand for smart home appliances.
Luxury home automation segment had the largest market share for the home automation of 32.4% in 2022.
Heating, ventilation and air conditioning application has the highest CAGR of 10.8% for the forecast period.
USA, Germany, Japan, United kingdom and China.
The market share of South Asia and Pacific for the year 2022 for the home automation was 15.4%.
North America had a market share of 24.5% in 2022 for home automation.
USA has the highest CAGR for the forecast period, which is 14.8%.
The estimated market value for Home Automation for the year 2024 is USD 54.3 Billion.
For North America region, the CAGR for the forecast period is estimated to be 6.5% for the home automation.
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