Albany, NY, Jan. 16, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Home Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," global home automation market was valued at USD 4.41 billion in 2013, growing at a CAGR of 26.3% from 2014 to 2020 to account for USD 21.67 billion in 2020.
The home automation market is primarily driven by growing need for effective solutions in various domestic applications such as lighting, safety and security and energy management. High degree of internet connectivity and penetration in developed countries such as the U.S., the U.K., France, and Germany is also contributing to the growth of home automation market globally. The development of smart cities and high-tech homes in the Middle East and Asia Pacific region is also influencing the growth of overall home automation market.
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In terms of application, safety and security segment held the highest market revenue share accounting to USD 1.51 billion in 2014 and is expected to maintain its leading position throughout the forecast period. Demand for safety and security home automation systems is attributed to growing need for remote home monitoring solutions and increasing risk of criminal activities such as theft and robbery. Safety and security segment is followed by entertainment and lightening segments. Entertainment segment including home audio and video accounted for 24.7% of the overall home automation market.
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By networking technology, wireless system segment of home automation technology held the largest revenue share accounting for more than fifty percent of the overall market. With the increase in number of products equipped with Wi-Fi technology, the demand for wireless technology enabled home automation solutions are observing substantial growth globally. Power-line systems is analyzed to be the second fastest growing networking technology segment after wireless systems and is expected to attain a significant growth in the near future. Power-line systems segment is expected to grow with a CAGR of 24.2 % over the forecast period, i.e., from 2014 to 2020.
Geographically, North America led the home automation market in 2014 and the region is expected to continue its dominance by 2020. The region's dominance is due to advancement in technology in countries such as the U.S. and Canada. Moreover, consumer awareness and affinity towards new technology are further contributing to the growth of home automation market in North America. Europe and Asia Pacific followed North America in the global home automation market to collectively account for more than forty percent of the global market revenue share.
The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of home automation. Major market participants profiled in this report include Crestron Electronics, Inc., Control4 Corporation, AMX LLC, ADT Corporation, 2GIG Technologies, Siemens AG, Johnson Controls, Honeywell International Inc., iControl Networks Inc., Vantage Controls, and Schneider Electric SA.
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Home Automation Market: By application
- Safety and security
- HVAC (Heating, Ventilation, and Air-Conditioning)
- Entertainment (Home audio and video)
- Others(Robotics, heath care)
Home Automation Market: By networking technology
- Wired home automation systems
- Power-line home automation systems
- Computing network home automation systems
- Wireless home automation systems
- Home Automation Market: By type
- Luxury (custom) home automation systems
- Mainstream home automation systems
- DIY (Do It Yourself) home automation systems
- Managed home automation services
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- Video Conferencing Market : http://www.transparencymarketresearch.com/video-conferencing-market.html
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
Home Automation Market: By geography
- North America
- Asia Pacific
- Rest of the World
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Source:Transparency Market Research