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Global Home Automation Market Expected to Reach $39.88 Billion by 2024
November 17, 2017 | PRNewswireEstimated reading time: 1 minute
The global home automation market is expected to reach $39.88 billion by 2024, driven by rising necessity of consumers for protection against fire and break-ins. Availability of automated systems that can be operated over high-speed Wi-Fi, powerful smart phone ubiquitous, and growing popularity of Internet-connectable gadgets is expected to drive market growth. Moreover, reduced energy consumption and availability of a broad range of products is anticipated to boost the home automation market.
North America was the largest market accounting for 35.7% of the share in 2016, owing to the adoption of the technology and availability of affordable solutions is expected to augment market growth. Europe is expected to witness sluggish growth over the forecast period on account of market saturation. Factors such as awareness towards security & safety of property, particularly in countries such as Germany, UK and France, is expected to drive the market over the forecast period. Asia Pacific, Central & South America, and the Middle East are expected to lead the global home automation market in the next few years.
Wireless systems were extensively used and are expected to witness a growth at an 11.7% CAGR on account of shift of consumers to a hands-free method of operation. Computing network is anticipated to achieve substantial growth in future owing to the availability of wearable computing devices and high-speed internet connectivity.
Safety & security was the largest contributor and is expected to witness the fastest growth on account of advancement of technology such as biometric enabled lock system, camera feeds, and alarm systems which prevent theft and burglary. Mainstream automation systems are expected to witness significant growth in upcoming years on account of its ability to integrate all smart electronic appliances to form one intelligent system which can be accessible by the user.
Custom automation systems are anticipated to grow on account of its ability to provide features which suit the personal requirement of the customer. Moreover, these systems are available over a broad price range, thus, providing a consumer with the option of picking and choosing functions that suit their homes.
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