Home Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY (PRWEB) February 12, 2015
The global home automation market was valued at USD 4.41 billion in 2013, growing at a CAGR of 26.3% from 2014 to 2020 to account for USD 21.67 billion in 2020. The safety and security segment held the highest market revenue share amounting to USD 1.51 billion in 2014 and is expected to maintain its leading position throughout the forecast period. Demand for safety and security home automation systems is attributed to growing need for remote home monitoring solutions and increasing risk of criminal activities, such as theft and robbery.
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Home automation technology held the largest revenue share accounting for more than fifty percent of the overall market. With the increase in number of products equipped with Wi-Fi technology, the demand for wireless technology enabled home automation solutions are seeing substantial growth globally. Power-line systems is analyzed to be the second fastest growing networking technology segment after wireless systems and is expected to attain significant growth in the near future.
The power-line systems segment is expected to grow with a CAGR of 24.2 % over the forecast period, i.e., from 2014 to 2020.
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North America led the home automation market in 2014 and the region is expected to continue its dominance into 2020. The region’s dominance is due to advancement in technology in countries such as the U.S. and Canada. Moreover, consumer awareness and affinity towards new technology are further contributing to the growth of the home automation market in North America. Europe and Asia Pacific followed North America in the global home automation market to collectively account for more than forty percent of the global market revenue share.
The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of home automation. Major market participants profiled in this report include Crestron Electronics, Inc., Control4 Corporation, AMX LLC, ADT Corporation, 2GIG Technologies, Siemens AG, Johnson Controls, Honeywell International Inc., iControl Networks Inc., Vantage Controls, and Schneider Electric SA.
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