Home Automation Market: Increased Rate of IoT has Encouraged the Demand of Services
The global home automation market features a highly fragmented vendor landscape, states Transparency Market Research (TMR) in a new publication. Mergers and acquisitions is a key growth strategy adopted by large players in this market. This is serving to consolidate the business landscape, thus increasing the market share of large players.
Some of the key companies operating in the global home automation market are Honeywell International Inc., ABB Ltd., Johnson Controls, Inc., Crestron Electronics, Inc., and United Technologies Corporation.
According to the TMR report, the global home automation market is likely to exhibit CAGR of 6.8% during 2018 to 2026. The market is expected to be valued at US$ 116.26 bn in 2026 as against US$ 64.67 bn in 2017.
The offsite segment, in terms of type of sourcing, held a leading 70% of the overall market share in 2017. North America and Europe are key for the global home automation market due to the presence of some of the world’s leading automotive manufacturers.
The global home automation market is being benefitted from a number of favorable factors. Due to increase in usage of internet of things mainly in the developed countries. People nowadays prefer high and advance standards of living where they have access to smart home devices like televisions, refrigerators, smartphones, and many other electronics. Moreover, increasing disposable income and growing preference for luxurious lifestyle in developing countries have escalated the demand for home automation market.
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Furthermore, rapid adoption of smartphones and gadgets are acting as the major drivers in the home automation market. The home automation systems are also enabled with cost reduction measures that has grown the demand for the market in both developed and developing countries. In addition, the rising demand for automated and technologically advanced vehicles, along with vast rise in imports and exports of vehicles necessitate periodic testing and inspection of vehicles. This is serving to boost the automotive testing, inspection, and certification market.
Asia pacific is adopting new technologies with the rise in the disposable income of middle income group and increasing government efforts. These efforts are made to support the development through technological development that could boost the global home automation market. Top players with wide geographical presence are bagging opportunities in developed countries for competitive gains.
Instead, there are certain restraints that might contain the global home automation market from growing to its full potential. In developed countries, some home automation products have reached the stage of maturity because of which their demand may decrease in coming years. In developing regions due to lack of compatible infrastructure, the use of home automation gets restricted in certain areas.
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