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The Home automation Market, valued at USD 95.87B in 2023, is projected to hit USD 249.26B by 2032, growing at an 11.26% CAGR (2024–2032).
AUSTIN, TX, UNITED STATES, January 14, 2025 /EINPresswire / -- The Home Automation
market is witnessing rapid growth, driven by the increasing consumer demand for enhanced convenience, security, and
energy efficiency in residential environments.
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Some of the major key players of Home Automation Market
ABB Ltd. (ABB-free@home®, ABB i-bus® KNX)
Control4 Corporation (Smart Home OS 3, Control4 Smart Lighting)
Crestron Electronics, Inc. (Crestron Home, DigitalMediaTM NVX)
Honeywell International, Inc. (Honeywell Home, Lyric Controller)
Ingersoll-Rand plc (Nexia Home Intelligence, Trane ComfortLinkTM II)
Johnson Controls (Tyco Smart Home Solutions, LUX KONO Smart Thermostat)
Legrand SA (Intuity Home Automation System, RF Lighting Control)
Leviton Manufacturing Company, Inc. (Decora Smart®, Omni Security & Automation Systems)
Lutron Electronics Co., Inc. (Caséta Wireless, RadioRA 2)
Schneider Electric (Wiser Energy, KNX Automation Systems)
Siemens AG (Synco IC, Desigo CC)
Samsung Electronics Co., Ltd. (SmartThings, Family Hub)
Google LLC (Google Nest, Google Home)
Amazon, Inc. (Amazon Alexa, Echo Devices)
Apple Inc. (HomeKit, Apple TV 4K)
Alarm (Smart Home Security, Alarm Smart Thermostat)
Vivint Smart Home, Inc. (Vivint Smart Hub, Vivint Doorbell Camera Pro)
ADT Inc. (ADT Pulse, ADT Command)
Resideo Technologies, Inc. (Resideo ProSeries, T9 Smart Thermostat)
Cisco Systems, Inc. (Cisco Smart+Connected Home Solutions
Key Drivers Fueling Growth in the Home Automation Market
Advancements in Smart Technologies: The home automation market has experienced significant growth due to innovations in smart devices and systems that enhance convenience, energy efficiency, and security.
Rising Consumer Demand for Connected Devices: Consumers are increasingly seeking seamless integration of smart devices into their homes, leading to higher adoption rates of home automation solutions
Energy Efficiency as a Major Driver:
oSmart thermostats that optimize heating and cooling schedules can save homeowners up to 10-15% on energy costs annually.
oSmart lighting systems can reduce energy consumption by approximately 30%, making them an attractive investment for eco-conscious consumers.
Enhanced Safety and Security Features:
oSmart security systems, including surveillance cameras, motion sensors, and remote monitoring, provide enhanced safety and convenience for homeowners.
Growing Consumer Awareness and Adoption:
oNearly 45% of U.S. households have already incorporated some form of home automation.
oOver 70% of consumers express interest in expanding their smart home setups, indicating strong market potential.
Technological Innovation Driving Consumer Confidence: Ongoing innovations by key players, such as voice-activated assistants and energy-efficient devices, contribute to increased consumer confidence and a broader acceptance of home automation systems.
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Segment Analysis
By components
The security and Safety segment holds the largest share, dominating the market with over 32% in 2023. This dominance is largely due to the increasing importance placed on home security, with more homeowners seeking automated solutions for surveillance, motion detection, and remote monitoring. The rising concerns over break-ins and property safety are also key contributors to the growth of this segment.
By network technology
the wireless segment led the market with a share of 58.2% in 2023. Wireless technologies like Wi-Fi, Zigbee, and Z-Wave have become the backbone of smart home systems, offering seamless connectivity between various devices. These technologies enable homeowners to control and monitor their home environments remotely via smartphones or voice-activated assistants, enhancing the convenience and accessibility of home automation solutions.
Regional Development
North America held the largest market share in 2023, with a dominance of over 32.06%. The region's widespread adoption of smart home technologies, including voice assistants, smart thermostats, and home security systems, contributes to this substantial share. More than 80% of homeowners in the U.S. prioritize energy efficiency, driving the popularity of smart lighting and heating solutions.
In the Asia-Pacific (APAC) region, rapid urbanization and increasing awareness of energy efficiency have driven significant growth. With over 50% of the population now living in urban areas, APAC presents a highly favorable environment for smart home adoption. China leads the market with 25% of households already incorporating smart technologies.
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Recent Developments
. In September 2023, BT and Johnson Controls formed a strategic partnership aimed at helping business clients in the U.K. and globally integrate smart building technologies. This collaboration focuses on digitally managing, analyzing, and optimizing energy consumption in workplace environments, such as offices and factories.
. In February 2024, Keus Smart Home, a smart home automation startup, secured INR 100 crore (USD 12 million) in funding during a round led by OAKS Asset Management. This funding will support the company's continued development of innovative smart home solutions, enabling it to expand its offerings in the growing home automation market.
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