Smart Home Automation Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020 - 2025

 Overview

Smart Home Automation Market is forecast to reach $170.2 billion by 2025, at a CAGR of 11.9% during 2020-2025 due to its rapid adoption across residential applications and increasing demand for features such as the convenience of remote operation and exceptional experience offered by smart home automation is likely boost the market growth over the forecast period. In addition the advancement of Internet accessibility and the growing penetration of Internet of Things (IoT) which helps in the move to direct digital controls for better machine to machine (M2M) communication have encouraged users to adopt the smart home automation technology which accelerate the market growth in the forecast period.


Report Coverage
The report: “Smart Home Automation Market report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Smart Home automation Market. 
 
Key Takeaways
  • The smart kitchen segment is expected to witness highest CAGR owing to the high demand for smart appliances and with pacing technological advancements such as Internet of Things 
  • The service segment is expected to grow at a highest CAGR in the forecast period owing to increasing adoption of the smart home automation technology
  • North America dominated the smart home automation market with a share of more than 33.57% due to presence of developed countries such as U.S. and Canada where there is high adoption and awareness of technological improvement.
  • Major Players in Smart home automation market include ABB Ltd., Control4 Corporation, Crestron Electronics, Honeywell International Inc., Ingersoll-Rand plc, Johnson Controls, Legrand SA, Leviton Manufacturing Company, Lutron Electronics Co., Schneider Electric, and Siemens AG among others.


Component - Segment Analysis
The service segment is expected to grow at a highest CAGR of 9.5% in the forecast period owing to increasing demand and adoption of integrated services, which is likely to witness steady growth and thus remain dominant throughout the forecast period. Rapid advances in smart home automation system as well as using advanced technologies such as security and access, lighting and window, audio-visual and entertainment, energy management and climate and integrated solutions to add value to the provision of urban services require authorization for sustainable development of new methods which may involve the integration of service that would improve the competitiveness of the environment in which smart home automation system operates. All these advancements are expected to accelerate the market in the forecast period.

 
Application - Segment Analysis
The smart kitchen segment is expected to witness highest CAGR of 8.9% owing to the high demand for smart appliances and with pacing technological advancements such as Internet of Things the kitchen concept has gone through very radical change with a major focus on increasing efficiency around the kitchen and reducing the time spent in cleaning and cooking. IOT is a growing network of everyday objects, connecting industrial machines to consumer home appliances that can share information and complete tasks, while people are engaged in other routine activities. All these advancements will likely to create opportunities for smart kitchen segment on smart home automation market.


Geography - Segment Analysis
In 2018, North America dominated the Smart Home Market share by more than 35%, followed by APAC and Europe. The economy of North America is majorly influenced by the countries such as U.S. and Canada. In these countries, presence of leading players including Honeywell International Inc., Acuity Brands, Inc., Johnson Controls Inc., United Technologies Corporation and Crestron Electronics, Inc. etc. are supplementing the market growth with their innovative products and promotions. In addition to this high rate of adoption and awareness of technological improvement in this region. For Instance, According to the report given by in 2018, more than one-third of US consumers have two or more smart home devices shows the expansion of smart home automation market in North America.


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Location: United States

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