The burgeoning homeownership rates are heavily influencing the growth of the smart home automation market. In recent years, a rise in disposable incomes across emerging economies has increased the adoption of smart home automation. Furthermore, the need for smart devices is rising due to the growing incorporation of cutting-edge technologies such as IoT, AI, and ML, across major end-user industries. Another major factor aiding the market expansion is the growing number of smart city initiatives around the world. Furthermore, the benefits associated with smart home automation systems are working in favour of the overall market growth. Smart home devices offer remote access to home accessories, enabling consumers to control their appliances from anywhere. Gauging the momentum of these trends, the market is predicted to grow at an unabated rate.
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Rising Demand for Security Systems to Unlock Novel Revenue Opportunities in Market
The flexibility and high precision management associated with automation are influencing its incorporation in accommodation management. Security systems that can sense dangers such as incursion, theft, gas leak, and fire alarm, in particular, are gaining significant traction. Witnessing this landscape, major automation vendors are heavily investing in the innovation of cutting-edge smart security systems. Against this backdrop, smart doorbells with audio and video capabilities, face recognition cameras, and AI-based biometrics have risen to prominence. In the near future, the global smart home automation market is projected to reach sound maturity on the back of home security solutions’ paced demand.
Rising Trend of Smart Kitchens to Facilitate Smart Home Automation Market Expansion
The growing popularity of smart kitchens is propelling the global smart home automation market growth. Over the last decade, the demand for smart appliances in kitchens has intensified. Due to this, prominent market players are integrating sophisticated technologies such as the internet of things (IoT) to develop efficient kitchen appliances. Moreover, consumers are increasingly purchasing these products due to their hectic lifestyles today. IoT networks facilitate information sharing and enable task completion while users can perform other activities. Therefore, the rising trend of smart kitchens is projected to create revolutionary growth prospects in the market over the forecasted period.
North America to Emerge as Key Region Owing to Huge Consumer Base and Strong Presence of Major Players
A large consumer base and the presence of established vendors are together enabling North America to gain a competitive edge in the global smart home automation market. Key industry participants in the region are contributing to the market growth by launching cutting-edge offerings and running marketing campaigns. Meanwhile, Asia Pacific’s market is expected to achieve the highest growth during the study period. This is mainly attributed to the surge in disposable income of the consumers in the region.
Leading Market Players
Some of the global players in the smart home automation market include Control4 Corporation (U.S.), Schneider Electric (France), Crestron Electronics, Inc. (U.S.), ABB Ltd. (Switzerland), Ingersoll-Rand plc (Ireland), Honeywell International Inc. (U.S.), SA (France), Johnson Controls (U.S.), Legrand Lutron Electronics Co., Inc. (U.S.), Leviton Manufacturing Company, Inc. (U.S.), and Siemens AG (Germany).
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