Global Home Automation Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
11 Aug, 2021
The home automation market consists of sales of home automation devices by entities (organizations, sole traders, and partnerships) that use hardware and software technologies that allow users to control and manage their home's appliances and devices. A home automation system is a technological solution that allows the majority of electrical, electronic, and technology-based activities in a home to be automated. Home automation is also referred to as domotics, and a home equipped with an automation system is referred to as a smart home.
Global Home Automation Market Size And Drivers:
The global home automation market is expected to grow from $48.52 billion in 2020 to $54.41 billion in 2021 at a compound annual growth rate (CAGR) of 12.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The home automation market is expected to reach $85.42 billion in 2025 at a CAGR of 11.9%. The increasing use of internet of things (IoT) devices in a home automation system are expected to propel the growth of the home automation market in the forecast period.
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Trends In The Global Home Automation Market
The growing technological advancements are shaping the home automation market. Major companies operating in the home automation sector are focused on developing technological solutions for home automation to strengthen their position.
Global Home Automation Market Segments:
The global home automation market is further segmented based on product, technology, end user and geography.
By Product: Lighting Control, Security And Access Control, HVAC Control, Entertainment, Others
By Technology: Wired Home Automation System, Wireless Home Automation System
By End User: Residential, Commercial, Others
By Geography: The global home automation market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the home automation market in 2020.
Read More On The Report For The Global Home Automation Market At:https://www.thebusinessresearchcompany.com/report/home-automation-global-market-report
Home Automation Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides home automation market overviews, analyzes and forecasts market size and growth for the global home automation market, home automation market share, home automation market players, home automation market segments and geographies, home automation market’s leading competitors’ revenues, profiles and market shares. The home automation market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.