Home Automation Market (By Application: Lighting, Safety & security, HVAC, Entertainment, Others; By Technology: Wired, Wireless; By End-User: Residential, Commercial) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global home automation market size was exhibited at USD 67.19 billion in 2022 and is projected to hit around USD 789.53 billion by 2032, growing at a CAGR of 27.94% during the forecast period 2023 to 2032.

Key Pointers:

• By application, the safety and security segment is projected to hold the largest share of the market during the forecast period. Lighting and entertainment segments are anticipated to show noticeable growth.
• By technology, the wireless segment is expected to continue its dominance during the forecast period, the wired segment is expected to show steady growth.
• By end user, the residential segment holds the largest market share, the segment will continue to grow at a significant rate during the forecast period.
• North America dominates the global home automation market, Asia Pacific is expected to witness the fastest growth during the forecast period.

Home Automation Market Report Scope

Home automation is utilization of intelligent terminals to control home appliances and equipment. It includes but is not limited to centralized control of lighting, security checks/locks for home access, HVAC control, and others. Home automation is also known as smart home automation, which is an automation system, which offers access to control appliances and devices such as lights, fan, alarm system, heating & cooling systems, and electrical outlets with a smartphone.

An automated home provides numerous benefits to end-users, such as reduced energy spending, security from theft, and protection from unauthorized access to the home. The solutions are gaining popularity in the residential and hospitality sectors, to protect their personal and commercial assets such as buildings, hardware infrastructures, personal belongings, and others.

The home automation market is driven by the increase in demand for energy-efficient solutions, substantial growth in the IoT market, convenience & ease of usage, technological advancements, increase in number of smartphone users, and surge in security concerns. The market experiences limitations due to excessive cost of automated homes and lack of awareness in some developing & under-developed regions. Increase in adoption of automated services and government incentives for green initiatives is opportunistic for the home automation market growth. Moreover, the need for energy-efficient solutions and rise in demand for safety & security for homes are the major factors that are expected to boost the demand for home automation market.

Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of home automation as well as their demand in the market, thereby restraining the growth of the home automation market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of home automation companies at their full-scale capacities, which is expected to help the home automation market to recover by mid of 2022.

On the contrary, introduction of various plans and automation modules by key market players to cater to the increase in customer demands is anticipated to provide lucrative opportunities for the market. For example, in March 2019, Johnson Controls developed a new version of the SMART Equipment Control Firmware. Its features include continuous reset single zone control, which offers energy savings and precise control of space comfort.

The home automation market is segmented on the basis of, application, technology end user, and region. By application, the market is segregated into lighting, safety & security, HVAC, entertainment and others. On the basis of technology, the market is divided into wired and wireless. On the basis of end user, the market is divided into residential and commercial. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

On the basis of application, in 2020, the safety & security segment dominated the home automation market, in terms of revenue, whereas the others segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of technology, in 2020, the wireless segment dominated the home automation market and is expected to witness growth at the highest CAGR during the forecast period. Depending on end user, the residential segment led the market in 2020, in terms of revenue. Whereas, the commercial segment is anticipated to exhibit the highest CAGR in the coming years. Region wise, Asia-Pacific garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.

Some of the prominent players in the Home Automation Market include:

• ABB
• ADT
• Samsung Electronics
• Legrand
• Johnson Controls
• Larsen & Toubro Ltd.
• Honeywell International Inc
• Siemens AG
• Creston Electronics

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Home Automation market.

By Application

• Lighting
• Safety & security
• HVAC
• Entertainment
• Others

By Technology

• Wired
• Wireless

By End-User

• Residential
• Commercial 

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)