Global Smart home automation Market to reach USD 133.2 billion by 2025 | CAGR: 12.50%ance & Analytics: a turnaround for Perimeter Security Market
Global Smart home automation Market is valued USD 46.15 billion in 2016 is anticipated to grow USD 133.2 billion with the compounded annual growth of 12.50% over the forecast period 2017-2025.
New York 18 June 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Smart home automation industry is poised to raise USD 133.2 billion by 2025. Some key components for the market development will be; increasing demand for features such as the convenience of remote operation and exceptional experience offered by smart home automation and increasing preference among consumers for convenience, connectivity, safety, and security.
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Global Smart home automation Market Size study, By Component (Hardware, Software, Service), By Technology (Cellular, Wireless, Others), By Application (security, lighting, entertainment, smart kitchen), and by Regional Forecasts 2017-2025
The industry is seems to be fairly competitive. Some of the leading market players include ABB ltd., control4 corporation, crestron electronics Inc., Honeywell international Inc., Ingersoll rand Plc., and so on. Other market players discussed in the report include Johnson control, legrand SA, lutron electronics co. Inc. New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- Increasing urban population and growing geriatric population have created the need to incorporate smart home automation concept in order to address the arising challenges.
- Advancement of Internet accessibility and the growing penetration of Internet of Things (IoT) which helps in the move to direct digital controls for better machine to machine (M2M) communication have encouraged users to adopt the smart home automation technology.
- Shifting demographic preferences and need to safeguard the global environment from polluting effluents such as greenhouse gasses and toxic wastes are expected to result in a significant market growth.
Bizwit Research & Consulting LLP has considered the following segments for the study:
- Smart kitchen
- North America
- Asia Pacific
- Latin America
- Rest of the World