Image for representation purpose. Generated by AI
Home Automation Market Size Projected To Reach US$ 253.18 Billion and Growing at a CAGR of 16.6% By 2031 | TMR Study.
Increase in adoption of Smart Lighting Augmenting Global Home Automation Market.
WILMINGTON, DELAWARE, UNITED STATES, October 28, 2023 โ The Global Home Automation Market is estimated to attain a valuation of US$ 253.18 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 16.6 % during the forecast period of 2022โ2031.
The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the Home Automation industry. The current and historical status of the market together with forecasted market size and trends are demonstrated in the assessment in simple manner. In addition, the report delivers data on the volume, share, revenue, production, and sales in the market.
Home automation refers to the use of technology to control and automate various household tasks and functions, such as lighting, climate control, security, entertainment systems, and appliances. It allows homeowners to manage and monitor their homes more efficiently and conveniently, often through the use of smartphones or voice commands. The market demand for home automation is steadily increasing as people seek ways to make their homes smarter, more energy-efficient, and secure. The convenience and potential cost savings, along with advancements in technology, are driving the growth of the home automation industry.
The global home automation market is consolidated, with the presence of large-scale vendors that control majority of the share. Several companies are investing significantly in comprehensive research and development, and new product development.
Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players. HARMAN, SAMSUNG, Crestron Electronics, Inc., Siemens AG, Lutron Electronics Co., Inc, ABB Ltd., Johnson Controls International, Honeywell International Inc., Snap One, LLC, Schneider Electric SE, Savant Systems, Inc, Legrand SA, and Nice North America LLC are prominent players operating in the global market.
The report on the Home Automation market is prepared by employing well-validated research methodologies and approaches. The study authors have applied industry-validated tools for collection of data, including interviews, observations, surveys, questionnaire, and secondary research. The adoption of robust approaches for quantitative research measures makes the study offer holistic perspectives and unique.
Value Chain Analysis in Home Automation Market: Trends and Industry Perspectives
The study presents a comprehensive insight into the value chain of the industry or industries associated with the Home Automation market. It offers insights into trends shaping marketing channels that have delivered customer value. In understanding the marketspace, the business intelligence study evaluates changing consumer demands in various segments. Product and service segments where new strategies are required to attract demand are also highlighted in the study. The study offers business executives some of the pertinent consumer behavior models, which will help companies strengthen their prospects. The study offers a detailed evaluation on the changing attitudes and perceptions of customers to shed light on the potential revenue streams in the Home Automation market.
Component
Safety and Security
Software Services
Access Control
Non Biometric Access Control
Lighting System
Entertainment System
Heating Ventilation and Air Conditioning (HVAC)
Others (Smoke Detector, Smart Plugs, etc.)
Technology
Wired
Wireless
Type
๐ ๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง๐ญ๐จ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ, ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ โhttps://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=785
Indian smartphone market rebounds 20% in Q4 2023
CableTV.com survey finds how Americans decide what to watch on TV
AI Market Expects Surprising 2024 Power Shifts Among Vendors, Futurum Intelligence AI Decision Maker Survey…
Global Smart TV Shipments is Poised to Make a Slow Recovery, According to IDC Needham,…
Over 1 Billion Generative AI (GenAI) Smartphones to be Shipped Cumulatively During CY2024-2027
92% of US households have an internet connection at home