DUBLIN–(BUSINESS WIRE)–Feb 4, 2021–
The "Home Automation System Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region – Global Forecast to 2025" report has been added to ResearchAndMarkets.com’s offering.
The Home Automation System Market is Expected to Grow from USD 40.8 Billion in 2020 and is Projected to Reach USD 63.2 Billion by 2025 at a CAGR of 9.1% during the forecast period. As millennials account for the majority of new home buyers, growing homeownership is one of the major factors driving the adoption of home automation systems. Insurance companies offering attractive discounts to house owners having inbuilt access control and security systems is expected to help consumers to save on house insurance premiums and cover the cost of adopting home security systems for residential applications. The integration of home healthcare equipment with home automation systems such as monitoring and diagnostic tools is simplifying the caregiving process for the elderly and ailing. As a result, AI voice technology has resonated well with the baby boomers and elderly.
On-premises management expected to maintain its market dominance during the forecast period
On-premises management systems consist of a central hub that controls all the home automation systems in the home. It allows the user to control lights, thermostats, HVAC, audio and video streaming devices, and other home appliances from a single source. This management system is also widely used with home automation security systems.
On-premises management was the only system available for home automation for many years. They are ideal for connecting to a large number of smart devices from a single source. New homes generally have pre-installed on-premises management systems. Hence, the market for on-premises management is expected to hold a larger share during the forecast period.
Entertainment and other controls products expected to have the largest share of the market throughout the forecast
The major controls used to control and regulate the entertainment systems in home automation are audio, volume, and multimedia room controls. Other controls include smart meters, smart plugs, smart hubs, smart locks, smart window blinds, and smoke detectors. Automated home audio and volume controllers are used to control the audio and video played in the house or to customize what is playing in each room individually. There are numerous commercial systems that can be purchased in the market, or the user can also get a system custom-built or homemade.
The emergence of voice-controlled speakers such as Google Home and Amazon Echo has greatly expanded the market for entertainment controls. Other controls include smart meters, smoke detectors, smart plugs, smart window blinds, smart locks, and smart hubs which are commonly found in many homes as they are standalone devices. Hence, the entertainment & other controls segment is expected to hold the largest market share during the forecast period.
Behavioral software and algorithm to hold a larger share of the market in 2020
Behavioral type of software and algorithm analyzes energy-related data from various home automation devices and sensors and forwards it to the end-users. This category of software and algorithm is restricted to transmitting and receiving the data and does not perform intelligent actions. Many of the home automation devices have the behavioral type of software and algorithm. This includes smart meters, smart blinds, and AV controls. Since most home automation systems were initially equipped with the behavioral type of software and algorithm, it has a slightly higher market share compared to the proactive type.
Market Dynamics
Drivers
- Growing Homeownership Among Millennials Worldwide
- Increasing Use of Home Automation Systems Among the Elderly Population
- Lower Insurance Costs for Homeowners Investing in Home Security Systems and Increasing Services Offered by Telecommunication Companies
Restraints
- High Costs Associated with the Purchase and Deployment of Home Automation Systems
- Lack of Pre-Installed Home Automation Systems and Provision in Pre-Built Homes
Opportunities
- Rapid Urbanization in Developing Countries
- Rising Significance of IoT Technology in Home Automation
Challenges
- Compatibility Issues with the Integration of Home Automation Systems from Different Manufacturers
- Growing Security Concerns with Home Automation Devices
- Decline in the Adoption of Home Automation Shipments Due to COVID-19
Tariffs and Regulations
Regulations
- Wi-Fi: Wi-Fi Alliance
- Z-Wave: Z-Wave Alliance
- Zigbee: Zigbee Alliance
- Bluetooth Low Energy (Ble): Bluetooth Sig
Others
- X10 by Pico Electronics
- Insteon by Smartlabs
- Thread by Thread Group
- Universal Powerline Bus (Upb) by Powerline Control Systems
Case Studies
- Legrand Home Automation System Deployed at a Historic Farmhouse
- Sales Leader and Author at Residential Tech Installs Home Security System from Resideo
- Smarter Home Story: Michele and Alex
- Smarter Home Story: Jonas and Tina
- Leviton Deployed Next-Generation Home Automation in New Orleans
- Crestron Electronics Provided Smart Shade Solutions for Colorado Home
- Crestron Electronics Provided a Smart Home System for 4K Video Distribution
- Crestron Electronics Upgrades New Jersey Home Through Home Automation
- Lutron Provided Lighting Control Solutions to a Luxury Residence in the UK
- Vantage Controls Provided Home Automation Solutions to Homes in the US
Companies Mentioned
- Abb
- Acuity Brands
- Adt
- Amx
- Control4
- Crestron Electronics
- Develco Products
- Elan
- Ingersoll Rand
- Johnson Controls
- Legrand
- Leviton Manufacturing Company
- Lutron Electronics
- Remote Technologies Incorporated
- Resideo Technologies
- Savant Systems
- Schneider Electric
- Siemens
- Smartthings
- Vantage Controls
For more information about this report visit https://www.researchandmarkets.com/r/7bbvf2
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KEYWORD:
INDUSTRY KEYWORD: SECURITY OTHER CONSTRUCTION & PROPERTY OTHER TECHNOLOGY TECHNOLOGY CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 02/04/2021 04:37 AM/DISC: 02/04/2021 04:37 AM
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