Home Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 05/17/2018 -- Owing to the presence of a large number of players, a high degree of competition exists in the global home automation market, observes Transparency Market Research. Most of the market players are imparting a lot of focus on providing high quality products to their customers. This strategy aims at improving customer retention and expanding revenue generation. With new players being projected to enter the market in forthcoming years, the competition is expected to get tougher. Some of the chief players in the global home automation market are 2GIG Technologies, AMX LLC, Johnson Controls, Crestron Electronics, Inc., Schneider Electric SA, Siemens AG, iControl Networks Inc., Vantage Controls, Honeywell International Inc., ADT Corporation, and Control4 Corporation.
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The global home automation market is segmented on the basis of type, application, networking technology and region. Depending on applications, the market consists of five segments, viz. energy management, HVAC (heating, ventilation, and air-conditioning), lighting, safety and security, and entertainment. Of these, the rising need for remote home monitoring activities has made safety and security experience maximum demand, consequently attracting a handsome revenue.
Region-wise, the global home automation market is spread across North America, Asia Pacific, Europe, and the Rest of the World. Continued technological progress and higher adoption of home automation in North America has made this region grab a lion's share in the global home automation market. Trailing closely is Europe which is also showcasing a significant growth due to high disposable income and preference for automation by people residing in the region.
The global home automation market is primarily boosted by rising demand for efficient automation solutions for running scores of domestic applications. This includes better illumination, energy management safety and security, heating, ventilation, and entertainment, among many others applications. An overall requirement for living comfortably and a need to maintain a sophisticated lifestyle especially in developing economies has majorly triggered the demand for efficient automation systems.
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Higher penetration of Internet among the masses has led to a provision of smooth connectivity, thus bringing the world closer in terms of automation. Such an extensive use of Internet also has led towards growing implementation of home automation systems. Home automation also provides numerous benefits, chief of which is saving time. This factor is highly important from the perspective of fast-paced lives and busy schedules experienced by almost every working person from urbanized region. By remotely controlling processes in homes, crucial time saving is possible with the help of home automation systems. This factor is expected to be a prime driver in future when the number of automation-based processes could increase.