Transparency Market Research, a U.S.-based market intelligence firm, has announced the release of a new market research report, titled ‘Home Automation Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020’. The report examines the global home automation market devices and technology and presents forecasts for the market’s development during the said forecast period.The report zooms in on the booming markets for smartphones, tablets, and accompanying smartphone applications as the major growth drivers to propel the global home automation market. Due to the connectivity readily offered by such smart devices, in addition to the continuous development in mobile connectivity options, the global home automation market is expected to expand at a CAGR of 26.3% upon its 2013 value of US$4.41 billion. The market is expected to be worth more than US$21 billion by the end of the forecast period.
Due to the dependence of home automation technologies on preexisting technological infrastructure and connectivity options, the market is naturally the strongest in developed countries such as the U.S., the U.K., Canada, France, and Germany. Widespread availability of high-speed broadband in these regions has paved the way for the home automation market to claim sizeable revenue from the North American and European markets.These two regional segments accounted for more than 75% of the global home automation market collectively, and are expected to increase in stature during the forecast period. The North America market for home automation, in particular, is expected to undergo significant progress through the forecast period and take up a share of around 60% in the global home automation market by 2020.
On the other hand, the home automation devices and technology markets in Asia Pacific and Rest of the World are expected to undergo minimal progress in the forecast period, despite ongoing urbanization and development of accompanying technological infrastructure.By application, safety and security emerged as the largest segment of the global home automation market, garnering total revenue of US$1.5 billion in 2013. The convenience and efficacy of automated home security systems has led to them being in demand from developed as well as developing regions. Other major applications of home automation systems are lighting, HVAC, entertainment, and energy management.
The technologies employed in home automation systems are wireless, wired, power-line, and computing networks. Of these, wireless home automation systems dominated the global home automation market owing to the widespread usage of Wi-Fi and other wireless technologies. Power-line home automation systems are expected to exhibit the highest CAGR of all technology segments of the market – 24.2% from 2014 to 2020.Major market players analyzed in the report include ADT Corporation, AMX LLC, Creston Electronics, Ltd., Siemens AG, Johnson Controls, Schneider Electric SA, Honeywell International Inc., and Control4 Corporation.
