Global Home Automation Market to Reach $75.2 Billion By 2022
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.
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.