Home
automation, in present times, consists of digital technology that
automates processes to provide better performance and efficiency in
homes across the world. Home automation includes all systems –
integrated and solely run, and manual and electrically operated –
to run systems such as dimming or turning on lights, managing
entrance gates and cameras, or operation of smart appliances, and so
on. Home automation systems are evolving continuously due to
technology innovations in several developing nations all over the
world.
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Internet
Connectivity and Penetration Emerges as Major Market Driver
The
home automation market is expected to expand at a robust CAGR of 26%
from 2014 to 2020. The intensifying need for efficient solutions in
domestic safety and security systems, lighting, entertainment (video
and audio), energy management, and HVAC systems (heating,
ventilation, and air-conditioning) are the prime factors that drive
the home automation market. Increased internet penetration and
connectivity are also among the contributing factors for bolstering
the home automation market, globally.
Furthermore,
the growth of smart cities and futuristic homes in the Middle East
and Asia Pacific is impacting growth of the global home automation
market positively. Other factors driving the market for home
automation systems are emerging awareness of energy conservation and
managing energy use through automation technologies. Smartphone apps
are increasingly being used for home automation and this factor is
among the major growth drivers for the home automation market.
Safety
and Security Application Leads Demand from Home Automation Market
Escalated
demand for automated safety and security systems has promoted the
growth of this application-based segment of the home automation
market. Rising need for prevention of theft has led to this segment
having a leading market share valued at US$1.51 billion in 2014 and
is expected to continue its expansion during the coming years. The
entertainment (audio and video) segment held a 24.7% share of the
overall home automation market in 2014.
In
the networking technology segmentation of the home automation market,
wireless systems accounted for over 50% of the overall market, due to
the increased demand for Wi-Fi-enabled technology home automation
systems worldwide. The ubiquity and convenience of Wi-Fi systems is
responsible for this. The power-line home automation networking
technology segment is anticipated to attain substantial growth as the
second fastest growing segment, growing at a strong CAGR of 24.4%
over the next few years.
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North
America Market Dominant Due to Consumer Awareness
Among
the geographical segments of the global home automation market, North
America had the dominant position with a 40% share of the home
automation market in 2014, and is expected to continue as the leader
till 2020. Technological advances, consumer awareness and preference
for new innovations are among the factors that are influencing the
growth of the home automation market positively in Asia Pacific,
Europe, and North America.
The
key players in the home automation market are Crestron Electronics,
Inc., 2GIG Technologies Control4 Corporation, Siemens AG, AMX LLC,
ADT Corporation, Johnson Controls, Crestron Electronics, Inc.,
Honeywell International Inc., Schneider Electric SA.,Vantage
Controls, and iControl Networks Inc.
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