Transparency Market Research is projecting a 6.8% growth of the global home automation market between 2017 and 2026.
Revenue generation is expected to reach $116.26 billion in 2027 from $64.67 billion in 2017.
Factors driving the market growth include:
- Gaining momentum of home automation owing to increases in the emergence of Internet of Things mainly in the developed countries
- People are preferring high and advanced standards of living
- Increasing disposable income in developing countries
- Rapid adoption of smartphones and gadgets
- Cost reduction measures such as decreases in energy costs associated with home automation
The lighting segment is expected to generate the highest revenue ahead of other segments owing to the rising need to reduce energy consumption by integrating lighting systems with cloud and renewable energy technologies.
Europe, driven by efforts of countries in the region to provide sustainability and equip homes with advanced technologies, will dominate the market ahead of other regions.
The global market is expected to be competitive owing to:
- The presence of multiple players making continuous efforts to enhance the product quality through increasing technological development
- Market trends include solution providers making conscious efforts for product development, making strategic alliances and collaborations and launching new technically advanced products.
On the other hand, lack of compatible infrastructure is expected to restrain market growth in developing countries.