Home Automation Market Size, Share, Trends, Key Players, Demand and Opportunities by 2023

The home automation market is growing at a significant rate, due to increasing demand for energy efficient and green product solutions; introduction of managed home automation services; price competitiveness because of large number of players; and innovation in communication, sensor, analytic, and touch screen technologies. The strong initiatives from government to promote green building and green cities are driving the growth of the home automation market. Power-line communication technology is creating its importance in power systems and home automation, which is providing ample growth opportunities for the home automation market at a considerable rate in the coming years.

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With the help of home automation, the various electrical and electronic systems can be structured through the support of automation and computerized controls. Desktop PC is used as a server in the home automation control. Bluetooth or wireless fidelity (Wi-Fi) enabled devices, such as mobile phones and laptops are used to control the application based systems in the home automation system. The home automation systems are convenient to install and use and they also meet the interoperability requirements for various applications.

On the basis of applications, the home automation market can be categorized as security and access control, smart meters, lighting control, smart hubs, smoke detectors, entertainment control, smart plugs, heating, ventilation and air conditioning (HVAC) control, and smart locks. Security and access control includes access control systems, monitors, accessories, touch screen and keypads, security cameras, motion sensors, storage, door contacts and video or software analytics. Lighting control includes dimming actuators, occupancy sensors, transmitters, daylight sensors, relays, shutter actuators, timers, receivers and switch actuators.

Some of the factors driving the growth of the home automation market are increasing application areas, growing smartphone applications, up surging needs of the consumer for convenience, and connectivity safety. Some of the factors restraining the growth of the home automation market are low consumer awareness, dependency on real estate industry cycle, perceived security and health risks, and high initial investment and implementation cost.