Report: Global Home Automation Market Growing 26% Annually
The industry forecast states that North America leads the global home automation market and is likely to remain in the top spot through 2020.
ALBANY, N.Y. – The global home automation market was valued at $4.41 billion in 2014 and is forecast to grow at a compound annual growth rate (CAGR) of 26.3% through 2020, according to a market report released by Transparency Market Research.
RELATED: Global Smart Thermostat Market to Top $2B by 2022
Advancements in technology are inspiring architects across the globe to build automated homes, according to the report . Modern homes are using high-tech solutions for installing automated solutions that will help users run several programs with a single application. Most of these applications are powered by electricity and are controlled manually. For example, dimming lights, controlling the AC or HVAC system, locking and unlocking doors, and operating other such household functions from a central hub device is possible with home automation solutions.
The key driver for the global home automation market is the pressing need for high-performing solutions for domestic applications utilized in areas of safety, lighting, energy, entertainment and HVAC. The market is also being supported by the growing Internet penetration in countries such as France, United Kingdom and Germany.
RELATED: 13 Tips to Hire a Top Sales Representative
The safety and security segment has been earning the highest revenue so far in the global home automation market. In the coming few years, an energy-conscious population, who need better energy management solutions, will opt for automated applications, according to the report. Additionally, increasing usage of smartphones, tablets and other Web-enabled handheld devices is also adding to the convenience of establishing home automation in newer constructions.
The market research report states that North America leads the global home automation market and is likely to remain in this position through 2020. Adoption of new technologies and consumer awareness will be the two most important factors driving the home automation market in North America. This segment will be followed by Asia Pacific and Europe, which together account for 40% of the total home automation market.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!