Smart Home Automation is anticipated to have CAGR of ~11.1% over 2019-2028. The smart home automation uses intelligent terminals, which is automation system in order to control home equipment and appliances. The rise in number of internet users and growth in the adoption of smart devices is anticipated to grow in the coming years. The increase in electricity prices would propel the growth in the industry.  The surge in awareness for efficient energy usage would help the industry grow. The growth in technological advancements for automation is anticipated to grow in the near future. The increase in safety & security concerns would boost the adoption of home automation system and hence propel the market in the coming years.

 Top Driver: Surge in number of internet users to boost the industry

Smart Home Automation is projected to grow with the rise in the number of the internet users and growth in adoption of the smart devices would help the industry to flourish in the coming years.  The surge in consumer preference for voice-assisted technologies which includes- Alexa and Google Home, video doorbells, and surveillance systems is anticipated to help the market grow. The Internet of Things connects software algorithms, products, services, and end-users, allowing a smooth flow of data and making real-time decisions.

Behavioral to Make Crucial Contribution to Growth of Global Smart Home Automation Market

Among type segments of the global Smart Home Automation market, behavioral type is expected to gain maximum shares in the forecast period. This owes to the fact that, due to the development of technically advanced and also user-friendly software solutions which are helping the industry to flourish in the coming years. Furthermore, the provision of advanced and real-time services to customers, in combination with rising awareness about minimizing energy consumption within households would help the industry flourish.

Increase in disposable income to Benefit North American Market

North America is experiencing highest revenue growth than any other country and is expected to grow in the coming years. The surge in the disposable income is anticipated to help the industry flourish in the coming years. Furthermore, Asia Pacific region is experiencing highest CAGR in the coming years. This owes to the fact that there is a steep rise in the population in combination with improvement in the standard of living and surge in the disposable income in the region.

Due to outbreak of COVID-19 the government has enforced the lockout situation in majority of the countries. There is a downfall in the revenue shares due the shut-down of the industries in the current scenario. However, the rise in the adoption of smart home automation is observed and would grow significantly.

Players to Focus on advanced Smart Home Automation

The global Smart Home Automation market leaders include Honeywell International Inc., Control4 Corporation, ABB Ltd., Johnson Controls, Legrand SA, Leviton Manufacturing Company, Inc., Ingersoll-Rand plc., Lutron Electronics Co., Inc., Schneider Electric, Crestron Electronics, Inc., and Siemens AG

United Technologies Corporation: In June 2018, United Technologies Corporation (US) introduced the advanced next-generation touchscreen displays for i-Vu building automation systems to aid to build operators better management of their HVAC equipment.

Google: In December 2019, Amazon, Apple, Google, and the Zigbee Alliance entered into a definitive collaboration to form a new working group that will grow and promote the adoption of a novel, royalty-free connectivity standard to surge compatibility among smart home products, with security as an important design tenet.

Amazon: In May 2019, Amazon launched the newest addition to the Echo Show product family, which includes advanced Echo Show 5. Furthermore, along with its compact design, 5.5-inch display, HD camera, rich sound, and built-in camera shutter. It comprises updated smart home controls, customizable morning and evening routines, novel privacy features, and extra visual content.

Scope of the Report

By Software and Services

• Proactive
• Behavioral type

By Technology

• Wireless
• Cellular
• Others

By Application

• Security
• Entertainment
• HVAC & Energy Management
• Lighting
• Smart Kitchen

By Region

• North America
• Europe
• Asia Pacific
• LAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.