EIN PRESSWIRE

Home Automation Market Anticipated to Reach $81,645 Million by 2023 at a CAGR of 11.2%

Home Automation Market Anticipated to Reach $81,645 Million by 2023 at a CAGR of 11.2% 1

The report segments the global home automation market on the basis of application, type, technology, and region.

PORTLAND, OR, UNITED STATES, August 19, 2021 /EINPresswire.com/ — Home automation is utilization of intelligent terminals, which is automation system to control home appliances and equipment. Increase in awareness for efficient energy usage, rise in electricity prices, and technological advancements are expected to drive the home automation market growth.

The global home automation market was valued at $39,607 million in 2016, and is projected to reach at $81,645 million by 2023, growing at a CAGR of 11.2 % from 2017 to 2023.

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Increase in awareness for efficient energy usage, rise in electricity prices, and technological advancements are expected to drive the market growth. Moreover, rise in safety & security concerns has fueled the adoption of home automation systems, thus boosting the market growth. However, lack of awareness about home automation products and high initial investments in home automation are expected to hamper the market growth.

Top 10 Key Market Players

Crestron Electronics Inc.
AMX LLC (Harman)
Control4 Corporation
Honeywell International Inc.
Johnson Controls Inc.
Siemens AG
Zigbee alliance
Vantage Controls (Legrand)
Savant Systems LLC.
ABB

Key Benefits for Home Automation Market:

This study provides an in-depth analysis of the global home automation market share along with current trends and future estimations to identify potential investment pockets for stakeholders.

It presents information related to key drivers, restraints, and opportunities along with their impact analysis.

Porter’s Five Forces analytical model illustrates the competitiveness of the market by analyzing various parameters, such as threat of new entrants, threat of substitutes, strength of the buyers, strength of the suppliers, and the degree of competition.

A quantitative analysis of the current market and estimations from 2016 to 2023 is provided to highlight the financial competency of the market.

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Key Market Segments

By Application

Lighting
Safety & Security
HVAC
Entertainment
Others

By Technology

Wired
Wireless

By Type

Luxury
Do it Yourself (DIY)
Managed
Mainstream

By Geography

North America
Europe
Asia-Pacific
LAMEA

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David Correa
Allied Analytics LLP
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Home Automation Market Anticipated to Reach $81,645 Million by 2023 at a CAGR of 11.2% 2