Transparency Market Research forecasts the global home automation market to expand at a rate of 6.8% between 2018 and 2026.
Expansion of the global home automation market is likely to be influenced by the increasing consumer liking for these products, thanks to its energy-saving features, enhanced security solutions, convenience, and affordability. The demand for home automation services is also increasing due to growing penetration and development of smartphone-controlled applications.
The rapid adoption of technology is likely to propel the market toward growth
In a bid to offer a better understanding of the market, TMR analysts have segmented the global home automation market on the regional parameter. North America, Latin America, Asia Pacific, Middle East and Africa, and Europe are the major regional segments of the market.
Considering regions, North America is estimated to dominate the global home automation market in foreseeable time. Spiralling popularity of several gadgets equipped with home automation solutions and demand for better home security options. The growth in the region is also characterized by the presence of a large number of prominent companies in the region, which is likely to boost the global home automation market.
The Asia Pacific holds much promise for the market over the assessment period, from 2018 to 2026. The market in the region is estimated to be impacted by the rapid adoption of advanced technologies in the region.
Feature-rich home automation solutions empower people with augmented security
The global home automation market is estimated to be influenced by factors like augmented use of smartphone-controlled applications, which are utilized in the supervision of home appliances from a distant location. In addition, various governments are making efforts in the encouraging and implementation of home automation solutions, thereby influencing the growth of the global home automation market.
Adoption of home automation solutions often leads to better security, provides more comfort, and saves electricity. In addition, home automation solutions are of considerable use for the differently-able people as they are vulnerable to various issues of the day to day life. Home automation solutions offer a sense of security for people with diseases like Parkinson’s or Alzheimer’s or deaf or blind people.
These technological solutions considerably improve the quality of life for these people. Smart home solutions make an offering of safe and secure surroundings for them and provide them with a sense of security, thereby offering a copious scope of growth for the global home automation market over the assessment tenure, from 2018 to 2026. Users are also able to control various features of home automation devices. Remote monitoring enables people to be alerted in case of threatening situations.
On the flip side, there is a shortage of awareness about the features and implementation of home automation solutions available in the market, In addition, the initial cost of installation is quite high. These factors could hamper the growth of the global home automation market in the forthcoming years.