IRVING, Texas — According to a new market report published by Lucintel, the future of the home automation market looks attractive with opportunities in the safety and security, HVAC, entertainment, and lighting control applications.
The global home automation market is expected to reach an estimated $75.2 billion by 2022 with a compound annual growth rate (CAGR) of 11.4 percent from 2017-2022. The major growth drivers for this market are increasing consumer need for simplicity and a personalized experience, growing awareness related to safety and security, and the adaption of cloud-based technologies.
In this market, home automation and control systems are used in the safety and security, entertainment control, lighting, and HVAC control applications. Lucintel forecasts that the safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need for advanced technology to provide a single platform to deliver a high level of control, flexibility, and the best entertainment experience.
Within the home automation market by installation type, managed service is expected to remain the largest installation type due to the increasing demand for 24/7 monitoring services. Lucintel predicts that the mainstream segment is expected to experience the highest growth rate during the forecast period because of its easy configuration and lower installation cost.
North America is expected to remain the largest region during the forecast period due to the increasing usage of technologies and digitalization in the U.S. and Canada. Asia Pacific is expected to witness the highest growth over the forecast period because of increasing awareness of safety, security, and energy efficiency.
Emerging trends, which have a direct impact on the dynamics of the industry, include growing demand for internet of things (IoT) technology in home automation systems, development of video enabled drones and constant developments in security technology products, such as smart cameras and various sensors and detectors.
Lucintel, a global strategic consulting and market research firm, has analyzed growth opportunities in the global home security market by application, installation type, technology type, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Home Automation Market 2017-2022: Trends, Forecast, and Opportunity Analysis.”
For more information on this 157-page report, call 972-636-5056 or email firstname.lastname@example.org.
Publication date: 10/30/17Want more HVAC industry news and information? Join Distribution Center on Facebook and Twitter today!