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.
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.
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.
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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.
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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.
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