Albany, NY, June 23, 2016 (GLOBE NEWSWIRE) -- According to the report, Global home automation market was valued at USD 4.41 billion in 2014, growing at a CAGR of 26.3% from 2014 to 2020. Home automation systems refer to all such systems, whether used as a single application or as integrated solutions that are used to automate processes.
They are electricity powered and are manually controlled (such as turning on the AC, dimming lights, managing entrance gate and cameras, operating smart appliances in a house, and so on. With technological advancements in several developing countries across the globe, home automation solutions are evolving continuously. Modern day home automation solutions utilize high end digital technology for providing better performance and efficiency.
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With technological advancements in several developing countries across the globe, home automation solutions are evolving continuously. Modern day home automation solutions utilize high end digital technology for providing better performance and efficiency. Home automation systems refer to all such systems, whether used as a single application or as integrated solutions that are used to automate processes. They are electricity powered and are manually controlled (such as turning on the AC, dimming lights, managing entrance gate and cameras, operating smart appliances in a house, and so on.
The home automation market is primarily driven by growing need for effective solutions in various domestic applications such as lighting, safety and security, energy management, entertainment (audio and video) and HVAC (heating, ventilation, and air conditioning). 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. Safety and security was the highest revenue generating application segment in 2013.
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Factors such as rising awareness towards energy conservation and ability to manage energy consumption through automation technologies primarily influence market growth. Smartphone based home automation solution is also observing a significant growth in demand. Increasing usage of smartphone based home automation apps is also contributing to the growth of overall home automation market globally. North America led the home automation market in 2014 and the region is expected to continue its dominance in 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 is 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.
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The market has been segmented on the basis of geography such as North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW), and these have been estimated in terms of revenue (USD billion). In addition, market has been segmented based on applications, which include lighting, safety and security, HVAC (Heating, Ventilation, and Air-Conditioning), entertainment, energy management, and others.
The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis, and the recent developments in the field of home automations. 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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