Home Automation Market to Escalate at Strong 26% CAGR by 2020, Sophisticated Technologies and Security Needs Drive Market

Transparency Market Research has published a new research report on the global home automation market. The research report states that the global home automation market stood at US$4.41 bn in 2013 and will rise to US$21.6 bn by 2020, growing at a CAGR of 26.3% in the forecast period.The report, titled “Home Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, offers a comprehensive overview of the global home automation market, its key market drivers, restraints, opportunities, and threats.

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Home automation, in present times, consists of digital technology that automates processes to provide better performance and efficiency in homes across the world. Home automation includes all systems – integrated and solely run, and manual and electrically operated – to run systems such as dimming or turning on lights, managing entrance gates and cameras, or operation of smart appliances, and so on. Home automation systems are evolving continuously due to technology innovations in several developing nations all over the world.

Internet Connectivity and Penetration Emerges as Major Market Driver

The home automation market is expected to expand at a robust CAGR of 26% from 2014 to 2020. The intensifying need for efficient solutions in domestic safety and security systems, lighting, entertainment (video and audio), energy management, and HVAC systems (heating, ventilation, and air-conditioning) are the prime factors that drive the home automation market. Increased internet penetration and connectivity are also among the contributing factors for bolstering the home automation market, globally.

Furthermore, the growth of smart cities and futuristic homes in the Middle East and Asia Pacific is impacting growth of the global home automation market positively. Other factors driving the market for home automation systems are emerging awareness of energy conservation and managing energy use through automation technologies. Smartphone apps are increasingly being used for home automation and this factor is among the major growth drivers for the home automation market.

The global home automation market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The home automation market is primarily driven by growing need for effective solutions in various domestic applications such as lighting, safety and security, energy management, entertainment (audio and video), and HVAC (heating, ventilation, and air conditioning). High degree of internet connectivity and penetration in developed countries such as the U.S., the U.K., France, and Germany are also contributing to the growth of home automation market globally.

Geographically, North America led the home automation market in 2014 and the region is expected to continue its dominance by 2020. The region’s dominance is due to advancement in technology in countries such as the U.S. and Canada. Moreover, consumer awareness and affinity towards new technology is further contributing to the growth of home automation market in North America. Europe and Asia Pacific followed North America in the global home automation market to collectively account for more than forty percent of the global market revenue share.

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