Press Release

According to the latest report by IMARC Group titled, “Home Automation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 51.9 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 84.4 Billion by 2024, exhibiting a CAGR of around 8.5% during 2019-2024.

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A home automation system, also known as a smart home or domotics, refers to a technological solution employed for automatically controlling various electronic devices installed in a household. It controls and monitors air-conditioning, heating, lighting, power control, fire and security, entertainment, and other systems. The evolution and mass commercialization of smart homes has led to the most prominent developments in this market. Owing to this, users can easily monitor their house from a distant location using an interface on a computer, tablet, or even a smartphone.

Explore full report with table of contents:

With a rise in the number of burglaries, people are nowadays installing home automation systems to notify them about intruders and activities at their homes. Besides this, the rising consumer awareness about various technological innovations, such as increasing operational efficiency and optimizing energy consumption, has catalyzed the growth of the market. Also, consumers can save a significant amount of energy and utility costs as they can regulate various functions and appliances with the touch of a button. In addition to this, the escalating safety concerns, along with stringent government regulations focusing on utilizing home automation technologies for managing energy use, have increased the demand for these systems across the globe.

Key Market Segmentation:

Breakup by Application:

  • Lighting control
  • Security and access control
  • HVAC control
  • Entertainment and other controls

Breakup by Type:

  • Luxury (Custom)
  • Mainstream
  • DIY (Do-It-Yourself)
  • Managed

Breakup by Region:

  • North America
  • Europe
  • Asia
  • Rest of the world

Competitive Landscape

The report has also examined the competitive landscape of global home automation system market. Some of the major players in the market are Siemens AG, Honeywell International, Inc., Johnson Controls, Inc., Schneider, Electric SE, Legrand SA, Ingersoll-Rand PLC, ABB Ltd., Acuity Brands, Inc., Samsung Electronics Co., Ltd. etc.

Key highlights of the report:

  • Market Performance
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Competitive Structure
  • Profiles of Key Players

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This post was originally published on Stock Markets News

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IMARC Group is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.