The trend of automation of home products has opened up new vistas in automation industry. The drive for these stems from the growing traction of smart homes and building, in terms of energy efficiency, comfort, safety, and security. Players in the home automation market are keen on unlocking new facets that straddle these proposition to explore new revenue potential.
Making Homes Smarter Through Automation Become an
Intractable Part of Lifestyle
Technology-led smart homes have become key to sustainable
living. Over the years, the developed world as well as the developing world
have witnessed the inroads that home automation has been making in peoples’ lifestyle.
Growing array of products in the home automation market have constantly raised
the ante for developers of technology products meant for automation markets,
especially for general consumers.
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Two key macroeconomic factors have fueled the trends. Rise
in household disposal incomes as well as real personal disposable income of
populations in emerging economies have fueled the appetite for automation
products. Another aspect is the advance made in IoT – a key framework for
supporting new features and functionalities in home automation products.
The possibilities are vast. Clocking a CAGR of 6.7%,
the global home automation market is expected to reach worth of US$ 124.1 Bn
by 2027-end.
Safety and Security Applications Key Revenue Generator
A vast range of products in the home automation products are
being used in ensuring homeowners’ safety and in automating various security
applications. The opportunities in this segment are expected to be massive
through the forecast period. The demand for video surveillance applications
proliferated over the past few years. The sub-segment held the great majority
of shares in 2018. A number of companies are active in catering to
the demand for home automation products that can help homeowners and residents
to rebuff the security of homes remotely. Other promising regions are HVAC and
lighting systems.
Growing demand for comfort and convenience is another key
proposition propelling the growth of opportunities in the home automation
market. Great strides have been made in the IoT networks used in home
automation. Standards and protocols such as Z-Wave, Bluetooth Low Energy (BLE),
and Zigbee have all seen some remarkable advances, adding revenue prospects for
players in the market.
Preference of Smartphones to Access the Features Key
Trend
A large number of features are likely to accessed through
mobile devices particularly smartphones. The affordability and ubiquity of
smartphones among consumers is a key factor spurring the preference of the use
of smartphones in using home automation products. Growing use of home
automation products among people who need assistance, such as patients with
Alzheimer’s, is adding to the growth prospects.
Asia Pacific to be Key Market
North America and Europe have been lucrative markets.
Particularly, a large chunk of revenues of the global reveneus have come from
U.S. and Western European countries. Meanwhile, in recent years, the appetite
of home automation products and solutions have considerably increased in
developing countries. Asia Pacific has been at the forefront of these changes.
Indonesia, South Korea, and Taiwan have seen remarkable rise in opportunities.
A great deal of the growing popularity can be ascribed to change in lifestyle.
Large rise in disposable income of the mid-income groups in
Asia in the past decade has been a key trend fueling the momentum. Another key
trend is focus on energy efficiency. Smart buildings that optimize energy use
through home automation products are greatly being encouraged by industry norms
and the general awareness about the benefits among the common populace. The
focus on sustainable living is another key motivator for the rapidly increasing
appetite.
Some of the key players in the home automation market are
Honeywell International Inc., Siemens AG, United Technologies Corporation,
Cisco Systems, Inc., and Ingersoll-Rand PLC.
The information shared in this review is based on a TMR
report, bearing the title, “Home Automation Market (Application – Safety and
Security, Access Control, Lighting System, Entertainment System, Heating
Ventilation and Air Conditioning (HVAC); Technology – Wired and Wireless;
Channel – Luxury, Mainstream, DIY, and Managed)- Global Industry Analysis,
Size, Share, Growth, Trends and Forecast, 2018–2026.”
The global home automation market is segmented based on:
Application
- Safety
and Security
- Access
Control
- Lighting
System
- Entertainment
System
- Heating
Ventilation and Air Conditioning (HVAC)
- Other
Controls
Technology
- Wired
- Wireless
Channel
- Luxury
- Mainstream
- DIY
- Managed
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