Home Automation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Home Automation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:

The global home automation system market size reached US$ 74.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 124.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028.

Home automation, or a smart home system, involves the incorporation of intelligent technology into homes for safety, comfort, and energy conservation. It includes the control and computerization of lighting, heating, ventilation, and air conditioning (HVAC), and security systems. With time, digitization has increased the consumer spending on home automation systems which enable homeowners to control, monitor and automate various functions, appliances and systems around the house with the touch of a button. This evolution of automated homes has resulted in integrated and centralized control of operations, making the lives of users more comfortable and convenient.

Home automation systems are gaining traction across the globe due to their various advantages such as notifying the users about intruders and activities at their homes, which in turn aids in preventing potential crimes. They also help in minimizing energy consumption and increasing operational efficiency. Besides this, improving living standards and the availability of affordable home automation solutions have encouraged consumers from all income segments to install these systems in their homes. Furthermore, with the use of Internet of Things (IoT) in these systems, everything from appliances to security systems can be controlled with smart home devices. This technology also enables users to monitor their home from another location using an interface on a computer, tablet or smartphone. Owing to this, several technology giants like Apple, Google, Microsoft and Samsung have invested in the home automation business.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global home automation system market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on application and type.

Breakup by Application:

Lighting control
Security and access control
HVAC control
Entertainment and other controls

Entertainment and other controls currently represent the largest application segment.

Breakup by Type:

Luxury (Custom)
Mainstream
DIY (Do-It-Yourself)
Managed

Amongst these, managed home automation systems dominate the market. They involve pre-packaged solutions offered by telecom service providers who align with home automation system companies to provide end-to-end monitoring, control and energy management services.

Regional Insights:

North America
Europe
Asia
Rest of the world

On a geographical front, Asia enjoys the leading position in the market on account of the increasing awareness about home automation systems, new residential projects and rising income levels of consumers.

Competitive Landscape:

The market is highly fragmented in nature, with the presence of numerous manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:

Siemens AG
Honeywell International, Inc.
Johnson Controls, Inc.
Schneider Electric SE
Legrand SA
Ingersoll-Rand PLC
ABB Ltd.
Acuity Brands, Inc.
Samsung Electronics Co., Ltd.

Key Questions Answered in This Report:

What are the attractive opportunities in the global home automation system market?
What are the market drivers of the global home automation system market?
What has been the impact of COVID-19 on the global home automation system market?
What are the challenges faced by the global home automation system market?
What are the success and risk factors for the global home automation system market?
What are the historical, current and future market trends in the global home automation system market?
How is the global home automation system market segmented on the basis of the application?
How is the global home automation system market segmented on the basis of the type?
How is the global home automation system market segmented on the basis of geography?
What is the performance of the key players in the global home automation system market?