Lucintel Forecasts Home Automation Market to Reach $101.1 Billion by 2027

According to the recent study the home automation market is projected to reach an estimated $101.1 billion by 2027 from $56.4 billion in 2021, at a CAGR of 10% from 2021 to 2027. Growth in this market is primarily driven by increasing consumer need for simplicity of functioning and personalized experience, increasing awareness related to safety and security, and the growing adoption of cloud-based technologies.

Browse 73 figures / charts and 85 tables in this 157 -page report to understand trends, opportunities and forecast in home automation market by application (safety and security, entertainment control, lighting, HVAC control, and others), by installation type (managed service, luxury, mainstream, and DIY), by technology (wired and wireless), and by region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Safety and security market is expected to remain the largest segment during the forecast period.”

Based on application, the home automation market is segmented into safety and security, entertainment control, lighting, HVAC control, and others. Lucintel forecasts that the safety and security is expected to witness the largest segment over the forecast period due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft and entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology to provide single platform for high level of control, flexibility, and to deliver the best entertainment experience.

“Within the home automation market, the managed service segment is expected to remain the largest installation type”

Based on installation type, the managed service segment is expected to witness the largest segment due to the increasing demand for 24/7 monitoring service and the mainstream segment is expected to experience the highest growth rate during the forecast period, supported by its easy configuration and less installation cost.

“North America will dominate the home automation market in near future”

North America is expected to be the largest region during the forecast period due to the increasing usage of technologies and digitalization in the US and Canada. Asia Pacific is expected to witness the highest growth over the forecast period because of increasing awareness on safety, security, and energy efficiency.

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Major players of home automation market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. ADT Corporation, Control4 Corporation, United Technologies Corporation, Honeywell, Johnson Control, Siemens AG, Acuity Brands, AMX Inc., Monitronics International, and Vivint Inc are among the major home automation providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/home-automation-market.aspx or helpdesk@lucintel.com