Global Home Automation Market to Reach $21B in 2020, Forecast Predicts
The market was valued at $5 billion in 2014 and will grow at a CAGR of approximately 25%.
DEERFIELD BEACH, Fla. — The global home automation market is expected to reach $21.0 billion in 2020 at a CAGR of around 25% between 2015 and 2020, according to a report conducted by Zion Research.
The report also found the market was valued at approximately $5.0 billion in 2014.
Home automation is the residential extension of building automation. Key aspects involved are centralized control of lighting, HVAC (heating, ventilation and air conditioning), appliances, security locks of gates and doors and other systems. Home automation aims at providing improved convenience, comfort, energy efficiency and security, and in cases of the elderly and disabled can provide increased quality of life for those who might otherwise depend upon someone else for their day-to-day activity.
Home automation is growing in popularity among house owners as a result of decreasing cost and simplicity in functioning of home automation systems. Tablet and smartphone connectivity with home automation systems has made it very convenient for end-users to manage their household activities, which has fueled growth in the market. In addition, home automation systems help reduce energy consumption and provide improved home security.
The report is titled “Home Automation (Luxury, Mainstream, DIY (Do It Yourself) and Managed) Market by Networking Technology (Wired, Power-line, Computing Network and Wireless) for Lighting, Safety and security, HVAC, Entertainment and Other (Robotics and Heath care) Applications — Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.”
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