Transparency Market Research Expects Global Home Automation Market to Grow by 24.5% CAGR from 2013 to 2019
Home automation allows a homeowner to control and manage different parts of a home with a remote control or with a cell phone. A home aut...
Home automation allows a homeowner to control and manage different parts of a home with a remote control or with a cell phone. A home automation system provides convenience and security both.It is up to a homeowner how he/she wants to set up a home automation system. Some of the equipment in this system includes voice recognition systems, sensors, heat detectors, smoke detectors, etc.
Automated security and lighting are very popular among consumers. Most homeowners opt for a home automation system because of security reasons. Families with children/elderly can especially benefit from the security that a home automation system provides.The home automation system can alert the resident(s) of the home of break-ins and also of any water leaks present in the house. One can also set up emergency phone calling in the security system for important numbers.
The owner of a smart home can turn on or off the lights with a remote. He/she can also set timing for the sprinkler to turn on and off automatically. One can also control opening and closing of gates, doors, windows, blinds, and curtains. One can even control the temperature of individual rooms in a smart home.The market for home automation is at a point of inflection and it is marked by complexity of solutions. There is increased competition between the inter and intra industries. The market is also characterized by multiple and incompatible standards and high-priced products.
Installation of many products in a home automation system is difficult and there is underlying demand in the market for a universal solution for an easy installation of products which work across various platforms. Also, once the products are priced competitively they will be available for the masses which will help the market grow further. Currently, the home automation market is a luxury dominated market.According to the networking technology, the home automation market is segmented into wired, power line, computing networks, wireless, and others (X-10, Wavenis, and Insteon). Networking technologies are competing among themselves for dominance.
According to a recent report published by US market intelligence company Transparency Market Research, the global home automation market was valued at USD 3.6 billion in the year 2012. It is expected to grow at a rate of 24.5% CAGR during the period of 2013 - 2019.
North America is the largest market for home automation systems and is expected to remain so with U.S. growing as the single largest market during the forecast period. During 2012, its revenue share was reported at 40.7%. Other countries such as Germany, China, India, and Australia are considered as high potential market by many industry players. The new report on home automation market by Transparency Market Research offers a detailed new outlook into the market activities, factors influencing the growth, factors restraining its growth, the cross sectional analysis of the market for home automation systems established on factors like geography, applications, system type, and networking technology.