According to a new market report on the home automation market, published by Transparency Market Research, the global home automation market is expected to reach US$ 116.26 Bn by 2026, expanding at a CAGR of 6.8% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of above 7% through 2026. Safety and security application of home automation are anticipated to significantly drive the global home automation market across Asia Pacific and Central and South America.
Home Automation Market: Scope of the Report
The global home automation market is broadly segmented by application, technology, and channel. Based on application, the market is segmented into safety and security system, lighting system, entertainment system, heating ventilation and air conditioning, and other controls. Safety and security system applications are further bifurcated into video surveillance, and access control. Video surveillance is divided into hardware, software, and services, wherein Hardware is further bifurcated into security cameras, monitors and others. Access Control applications are bifurcated into biometric access control, and non-biometric access control. Biometric Access Control is classified into facial recognition, iris recognition, fingerprint recognition, and others. Furthermore, lighting system applications is bifurcated into drivers & ballasts, relay, sensors, dimmers, switches, and others. The Entertainment System is further segmented into home theater systems, audio video control systems, and others.
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According to the research study, the safety and security application of the market is analyzed to grow at a prominent growth rate during the forecast period. The heating, ventilation, and air condition application held the maximum market share and is anticipated to witness a CAGR of above 6% through 2026 and remain dominant over the forecast period. Lighting system application is considered to be one of the most lucrative market segments owing to increasing focus on reducing energy consumption through integration of lighting products with cloud and renewable energy sources. The home automation market is undergoing a technological shift so as to cope with energy wastage and greenhouse emissions caused by improper handling and utilization of resources in the residential marketplace. Furthermore, with introduction of Internet-of-Things, majority of consumers are focusing on equipping their homes with smart technologies, to be tech-savvy or tech-enabled, particularly in the developed countries.
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