Jan. 5, 2015: Home Automation and Control Market Worth $12.81 Billion by 2020
Centralized Control of HVAC, Lighting, and More Provides for Improved Convenience, Comfort, Energy Efficiency, and Security
DALLAS — The home automation and control market is forecast to grow at a compound annual growth rate (CAGR) of 11.36 percent between 2014 and 2020, and reach $12.81 billion by 2020, according to a new market research report published by MarketsandMarkets.
Home automation is used for centralized control of HVAC, lighting, appliances, and other systems, to provide improved convenience, comfort, energy efficiency, and security. The global home automation and control market was worth $5.77 billion in 2013 and is expected to reach $12.81 billion by 2020. Even though the concept of home automation has been in existence for a long time, the market has witnessed significant growth, mainly during the last five years. The growing awareness of wireless technologies and the various developments related to the integration of wired and wireless technologies is expected to propel the home automation and control market in future.