CALIFORNIA, USA: A new market research report on Home Automation, shows that the United States represents the largest market worldwide, followed by Europe. Asia-Pacific ranks as the fastest growing market with a CAGR of 29.5 per cent over the analysis period.
Growing employment opportunities, steady economic development, easy availability of housing finance, strong residential construction activity, increasing urbanization, rising standards of living, and increase in consumer spending for lifestyle products, represent key factors driving growth in the region. The research report titled “Home Automation: A Global Strategic Business Report” announced by Global Industry Analysts Inc shares that global market for Home Automation is projected to exceed US$13 billion by 2020, driven by the growing trend towards energy efficient, safe, luxurious and convenient homes.
Home automation is defined as the process of automating the entire home environment by means of a combined in-built monitoring system. Capable of controlling electronic, electrical and security appliances from a single interface, home automation solutions are increasingly growing in prominence among homeowners across the world. Connectivity, over the years, has emerged as a high-end novelty across a wide range of home devices including security cameras, utility meters, and thermostats, among others. In the coming years, connectivity is poised to balloon into a more pervasive trend to the extent of being an embedded standard in virtually every household device and equipment. Smart homes of the future will feature over 20-30 connected sensors and devices linked via a home area network to the Internet as well as the service provider’s back-end systems.
Increasing preference for safety and security, growing awareness about energy efficiency, rising penchant for remote monitoring of houses and buildings, resurgence in the construction industry, remodeling of residential buildings, rapid urbanization trends and growing trend towards a more luxurious and convenient lifestyle, are factors driving demand for home automation solutions.
Rapid proliferation of gadgets and smartphones coupled with technological advancements are also promoting the adoption of home automation products that are capable of operating at the push-of-a button. Increasing demand for enhanced and round-the-clock connectivity is also paving the way for Pay TV and ISP Gateway technologies, which are expected to further propel demand for home automation products in the medium to long term.