LONDON, Sept. 27, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Home Automation Global Market Report 2023, the global home automation market is on an upward trajectory, set to expand from $61.09 billion in 2022 to $68.1 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 11.5%. This growth trend is poised to continue, with the market size projected to reach $101.47 billion in 2027, demonstrating a CAGR of 10.5%. A pivotal driver behind this surge is the increasing integration of Internet of Things (IoT) devices within home automation systems.
IoT Revolution
The adoption of IoT devices within home automation systems is revolutionizing the market. IoT-based home automation systems leverage internet protocols and cloud computing to control and manage all smart home equipment. This approach offers significant advantages over traditional wired systems, including flexibility, ease of installation, simplified problem detection and triggering, and enhanced mobility. Notably, consumer devices accounted for 63% of all installed IoT equipment in 2020, and the number of mobile IoT connections is projected to reach 3.5 billion by 2023, according to Ericsson statistics.
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Industry Leaders
Key players in the home automation market include ABB, Crestron Electronics Inc., Schneider Electric, Honeywell International Inc., and others. These industry leaders are at the forefront of technological advancements in home automation solutions, focusing on strengthening their market presence.
Technological Advancements
The home automation sector is witnessing a wave of technological innovations. Major companies in the home automation market are dedicated to developing cutting-edge solutions to enhance home automation. For example, in June 2022, Hogar Controls, a US-based smart home solutions provider, launched a series of innovative products, including smart touch panels, controllers, digital door locks, and smart curtain motors. These solutions offer architects, interior designers, and consumers a one-stop-shop for contemporary smart home solutions. Smart touch panels, operating on Z-Wave technology, come equipped with Wi-Fi capabilities, making them compatible with smartphones and voice-controlled via Amazon Alexa or Google Assistant. These panels are also designed to withstand heat, humidity, and shocks.
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Regional Insights
In 2022, North America emerged as the largest region in the home automation market. The home automation market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation
The global home automation market is segmented as follows:
- By Product: Lighting Control, Security and Access Control, HVAC Control, Entertainment, Other Products
- By Technology: Wired Home Automation System, Wireless Home Automation System
- By End User: Residential, Commercial, Other End Users
As the IoT revolutionizes home automation and technological advancements continue to shape the industry, the global home automation market presents a dynamic landscape for both businesses and consumers.
Home Automation Global Market Report 2023 by The Business Research Company provides insights on the home automation market size, home automation market segments, home automation market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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