DELRAY BEACH, Fla., Nov. 4, 2024 /PRNewswire/ -- The Home Automation System Market was valued at USD 57.67 billion in 2024 and is projected to reach USD 73.49 billion by 2029; it is expected to register a CAGR of 5.0% during the forecast period according to a new report by MarketsandMarkets. The home automation system market is being fueled by the ongoing expansion of IoT with smart devices that are capable of interacting with one another for improving user experience. This integration, in addition to the advancement in the use of high-speed internet and 5G, is making it easier to have real-time data transmission, and systems to operate home automation more efficiently, and thus user experience is improving, thereby driving the market growth. Secondly, rising compatibility of voice assistants with home automation devices for controlling other devices such as thermostats, lights, security systems and entertainment stations are also contributing to the market growth.
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Browse in-depth TOC on "Home Automation System Market"
150 - Tables
90 - Figures
210 - Pages
Home Automation System Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 57.67 billion |
Estimated Value by 2029 | $ 73.49 billion |
Growth Rate | Poised to grow at a CAGR of 5.0% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Lighting Controls, Smart Speakers, Entertainment Controls, HVAC Controls, Security & Access Controls and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Cybersecurity concerns |
Key Market Opportunities | Favourable government regulations to promote green buildings |
Key Market Drivers | Rising need for convenience and comfort |
By Installation type: new installations segment to account for the larger market share in the forecasted year.
The new installation segment accounted for the larger share of the home automation system market in 2029. The growth of the segment is attributed to the growing need for more comfort, energy savings, and improved security of living and/or working spaces. Consumers require products that can effectively keep their homes comfortable, save time, regulate energy usage and provide centralized operation of lighting, heating, ventilation systems, security systems, and other multimedia appliances. In addition, it enables those with such systems in their homes to keep track of the amount of energy used and consequently minimize energy usage that on the long run is a bonus to the environment as well as helping to slash off high electricity bills hence enhancing the prospects of home automation systems. The use of home automation accessories has continued to rise and the application of IoT in homes, which augment the systems, also boosts home automation systems demand.
By Sales Channel: Indirect sales accounted for a larger market share in the forecasted year.
Indirect sales channels or third-party distributors hold a major share of the home automation system market in 2029. These channels can give the manufacturers the wider market access by relying on the intermediaries, such as retailers, system integrators, and especially value-added resellers. Third party distributors in most cases have modified well rooted networks and relations within their particular markets and therefore home automation products find it easier to access various segments of the markets.
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By Country: US in North America is expected to hold the largest share of the home automation system market during the forecast period.
US is expected to hold the largest share of the total home automation system industry in 2029. The net-zero carbon emissions by 2050 is a goal set by the US government which further drives the use of automated home technologies that help minimize energy consumption and carbon emissions. Property monitoring functions enable the homeowners to oversee their property as they stroll around the outside of the house or travel giving them a sensation of security regardless of the situation. Therefore, convenience, energy efficiency, security and improvement of lifestyle, have made home automation systems popular in the US.
Key Players-
The key companies in home automation system companies include Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden), Apple Inc. (US), Robert Bosch (Germany), ABB (Switzerland), Legrand (France), ADT (US), Resideo Technologies Inc. (US).
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