Portland, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Home Automation Market by Application (Lighting, Safety & Security, HVAC, Entertainment, and Others), Type (Luxury, DIY, Managed, and Mainstream), and Technology (Wired and Wireless): Global Opportunity Analysis and Industry Forecast, 2017–2023”. As per the report, the global home automation market accounted for $43.09 billion in 2017 and is expected to garner $81.65 billion by 2023, growing at a CAGR of 11.2% during the period 2017–2023.

Rise in smartphone-controlled applications that can remotely monitor home appliances, surge in concerns regarding safety and security of a house, increase in government initiatives as home automation system, and rapid technological advancements in the connective technologies are the major drivers of the global home automation market. However, high installation cost and lack of awareness regarding home automation hinder the market growth. On the contrary, the rise in awareness for efficient energy usage among consumers, increasing urbanization, and a rise in inclination toward automation are expected to create lucrative opportunities in the coming years.

The market is divided on the basis of application, type, technology, and geography. Based on application, the market is segmented into lighting, safety & security, HVAC, entertainment, and others. The safety & and security segment held the largest share, as these systems enable users to monitor their homes from remote locations. However, the entertainment segment is projected to portray the fastest CAGR of 11.5% during the forecast period.

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On the basis of type, the market is divided into luxury, DIY, managed, and mainstream. The luxury segment contributed the largest share, holding more than half of the total market, owing to the increase in the adoption of luxury home automation due to a rise in disposable income in developing economies. However, the mainstream segment is projected to manifest the fastest growth, growing at a CAGR of 13.4% during the study period, owing to an increase in construction activities in the developing countries and a rise in demand for retrofit and renovated houses.

Based on technology, the market is bifurcated into wired and wireless. The wireless technology is projected to manifest the fastest CAGR of 11.6% through 2023. Moreover, the segment held the largest share in 2017, contributing nearly two-fifths of the total market, owing to the rise in the adoption of wireless broadband in household electronic devices.

On the basis of geography, the market is divided into North America, LAMEA, Asia-Pacific, and Europe. The report includes an in-depth analysis of the major market players such as Crestron Electronics Inc., Johnson Controls, Control4 Corporation, Zigbee Alliance, AMX LLC (Harman), Savant Systems LLC., Honeywell International Inc., Vantage Controls (Legrand), Siemens AG, and ABB.

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