Albany, NY -- (SBWIRE) -- 04/20/2017 -- Transparency Market Research (TMR) has announced the addition of a new market study on the home automation market. The report is titled "Home Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020." According to the report, the global home automation market is expected to be worth US$21.6 bn by 2020. It was valued at US$4.41 bn in 2013 and is expected to expand at a whopping CAGR of 26.3% between 2014 and 2020. This dramatic increase in the market's size is expected due to consumers' growing inclination towards adopting newer technology.
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Home automation systems are used to automate various processes within a residential property. These could include functions such as dimming the lights, operating smart appliances, managing the entrance gate and cameras, turning on/off the AC, and other similar processes. Home automation systems are powered by electricity but can be operated or controlled manually. Home automation solutions are continuously evolving due to consistent technological advancements. The increasing demand for home automation solutions incorporating the latest technology, in order to experience high-end digital technology and better performance is driving the market.
The persistent need for high performance solutions for domestic applications such as safety, entertainment, lighting, energy, and HVAC is the primary growth driver of the home automation market across the globe. The growth of the market is supported by the rising penetration of the internet across countries such as the U.K., France, and Germany. As consumers become more focused on energy conservation and management, there is a rise in the demand for automated energy management solutions. This is driving the home automation market. Smartphones, tablets, and other handheld devices are increasingly being used, which adds to the ease of establishing home automation systems.
The global home automation market is segmented on the basis of application, networking technology, type, and by geography. On the basis of geography, the market is segmented into Asia Pacific, Europe, North America, and Rest of the World, of which North America dominated the market in 2014 and is expected to continue its dominance till 2020. The dominance of the region is marked by developments in technology in countries such as Canada and the U.S. Additionally, the growing affinity of consumers for newer technology is expected to boost the home automation market in North America. Europe and Asia Pacific followed North America in terms of revenue share, and collectively accounted for over 40% of the global home automation market.
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On the basis of application, the market is segmented into safety and security, HVAC (heating, ventilation, and air-conditioning), lighting, entertainment, and energy management. Of these, the safety and security segment accounted for the highest share of revenue in 2014 and is expected to remain the highest during the forecast period. The high demand for safety and security home automation systems is due to the increasing risk of criminal activities such as theft and robbery. The entertainment and lightening segment followed the safety and security segment in terms of market revenue.
Key players profiled in the report include: Honeywell International Inc., AMX LLC, iControl Networks Inc., Crestron Electronics, Inc., 2GIG Technologies, ADT Corporation, Control4 Corporation, Siemens AG, Vantage Controls, Schneider Electric SA., and Johnson Controls.