The global demand for Smart Home Automation Market is presumed to reach the market size of nearly USD 265 MN by 2028 from USD 94.9 MN in 2021 with a CAGR of 15.8% under the study period 2022 - 2028.
The autonomous management of the technological devices present in a house is known as smart home automation. These devices are connected through the Internet and can be managed from a distance. With smart home automation, devices can be controlled automatically without the need to control manually via an app or voice assistant. Smart home automation regulates and monitors home operations with connected appliances and smart devices. Home automation devices offer safety, convenience, efficient energy saving, and lower utility cost products.
Market Dynamics
The smart home automation market is driven by several factors such as customers growing interest in smart home technology and the incorporation of innovative technologies in smart home automation devices. The rising demand for energy-efficient solutions, convenience and ease of usage, technological development, a surge in smartphone users, and a rise in security concerns are further driving factors in the smart home automation market. Additionally, smart city initiatives are expanding globally and leading the demand for smart home automation products. Furthermore, the desire for an opulent lifestyle & increased awareness of smart home appliances technology in developing nations has fuelled the growth of smart home automation globally.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of smart home automation. The growth and trends of smart home automation industry provide a holistic approach to this study.
Market Segmentation
This section of the smart home automation market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Component
- Hardware
- Software
- Service
By Technology
By Application
- Security
- Lighting
- Entertainment
- HVAC & Energy Management
- Smart Kitchen
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Smart Home Automation market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Smart Home Automation Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the smart home automation market include ABB Ltd. (Switzerland), Control4 Corporation (U.S.), Crestron Electronics, Inc. (U.S.), Honeywell International Inc. (U.S.), Ingersoll-Rand plc (Ireland), Johnson Controls (U.S.), Legrand SA (France), Leviton Manufacturing Company, Inc. (U.S.), Lutron Electronics Co., Inc. (U.S.), Schneider Electric (France), and Siemens AG (Germany). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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