The home automation system is being explored and transformed in important ways by smart property technology. Automation was formerly understood to include using internet networks to operate appliances and other machinery. But as smart technology develops, automation becomes more intelligent. Examples include smart kitchens, smart entertainment, smart security, self-diagnosing gadgets, and sophisticated self-health care. In order to increase automation possibilities, smart devices are utilized to integrate cutting-edge technologies like artificial intelligence, machine learning, and the internet of things (IoT).
Global Home Automation System Market Driving Factors and Challenges
Drivers: The global millennial population's increasing property ownership.
One of the main reasons behind the rising popularity of home automation systems is the rise in homeownership. The vast majority of those purchasing new homes are millennials. At 38% of all home buyers in the US as of March 2020, millennials lead the group, according to the National Association of REALTORS. Additionally, the majority of millennials are the ones that invest in home automation systems. Because of this, home automation solutions are highly accepted by this demographic. The Greater London Authority and the US Department of Commerce provide the dwelling unit data for the US and London. The use of home automation systems in residences is quite common in these areas.
Challenges: A challenge is the rise in security risks related to home automation systems.
Customers' concerns about cybersecurity are growing as there are more and more IoT-based home automation options available. Purchasers of home security systems will suffer greatly as a result. The seriousness of a security compromise increases when it involves essential home automation technology like smart locks and smart cameras. Due to product defects or unsecured wireless connections connecting the home automation devices, home automation might be subject to security breaches. A security vulnerability in the Fibaro (Poland) smart home system was discovered in July 2019 by Kaspersky, a well-known security research group. This vulnerability allowed anybody to upload and download backup data from the smart hub to and from the cloud server.
Impact of COVID-19 on Global Home Automation System Market
The global COVID-19 pandemic has had a substantial effect on the home automation system market. Lockdowns, social distancing policies, and more time spent at home have all contributed to the surge in demand for smart home technology. Homeowners have been searching for ways to enhance their living areas to accommodate online learning, distant job, and leisure pursuits. Spending on home automation systems has increased as a result, including smart lighting, security, and entertainment systems. Further driving the adoption of these technologies is the need for alternatives to physical control—voice-activated and touchless—in order to minimize physical contact.
Home Automation System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB Ltd, Control4 Corporation, Crestron Electronics, Inc, Honeywell International, Inc, Ingersoll-Rand plc, Johnson Controls, Legrand SA, Leviton Manufacturing Company, Inc, Lutron Electronics Co., Inc, Schneider Electric, Siemens AG, Resideo.
Global Home Automation System Market Segmentation:
By Management: Based on the Management, Global Home Automation System Market is segmented as; On-Premises, Cloud-based.
By Product: Based on the Product, Global Home Automation System Market is segmented as; Lighting Control, Security and Access Control, HVAC Control, Entertainment, Others.
By Software and Algorithm: Based on the Software and Algorithm, Global Home Automation System Market is segmented as; Direct-to-customers, E-commerce, Modern Trade, Specialty Stores.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.