Widespread adoption of IoT across various industries will be the major driving factor for growth in the home automation systems market between 2016 and 2025
The Home Automation Systems market is US$ 35.24 billion in 2016 and is estimated to reach US$ 113.82 billion by 2025. Lately, the IoT has gained significant popularity and is being associated to almost every network based technology. This has largely impacted the daily lifestyle of the people globally. Majority population moving to the urban lands expect to live in the ease and luxury. This is further supported by the increasing disposable income and increasing urbanization. Owing to the transforming demands of the end-users, and rising penetration of IoT in our day to day life, the home automation systems market is anticipated to grow by the CAGR of 13.93% between 2017 and 2025.
Global home automation systems market has been categorized by networking majorly into three categories; wired, wireless and power line based home automation systems. A wired home automation system offers a constant connection without any dropout and a guarantees interface free communication, which means the devices connected to the home automation devices does not get affected by any other wireless systems, including, remote controlled devices. Whereas the wireless home automation systems are the systems that enable the devices to communicate amongst each other within a specific range. This results into increased network reliability and as the systems are understood to explore their path to the destination. In coming years the wireless home automation systems are anticipated to capture the majority of market.
Home automation systems market by product is segmented into entertainment centers, security and access control, lighting control, climate control and outdoor automation. The entertainment center segment comprises of various entertainment units like audio systems, television sets, gaming consoles etc. The market for entertainment centers in home automation systems ecosystem is estimated to grow at the highest growth rate, however, the security and access control is expected to capture majority share in the market and continue its dominance during the forecast period.
Some of the major players influencing home automation market are Johnson Controls, Siemens AG, Legrand, Schneider Electric SE, Honeywell International, Inc., Control4 Corporation, ABB Ltd., Crestron Electronics Inc., Leviton Manufacturing Company, Inc., Lutron, Ingersoll-Rand PLC and Vantage Controls among others.
