Lucintel's latest market report analyzed that home automation provides attractive opportunities in the residential sector. The home automation market is expected to reach $101.1 billion by 2027 with a CAGR of 10%. In this market, safety and security is the largest segment by application, whereas managed service is largest by installation type. The growing demand for IoT technology in the home automation system, development of video enabled drones and constant developments in security technology products such as smart cameras and various sensors and detectors provides strategic growth path in this market.
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Based on application, the home automation market is segmented into safety and security, entertainment control, lighting, HVAC control, and others. The safety and security segment is accounted for the largest share of the market in 2021 due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft and entertainment is expected to register the highest CAGR during the forecast period supported by the increasing need of advanced technology to provide single platform for high level of control, flexibility, and to deliver the best entertainment experience.
Browse in-depth TOC on “Home Automation Market”
85 – Tables
73 – Figures
157 – Pages
The home automation market is marked by the presence of several big and small players. Some of the prominent players offering home automation include ADT Corporation, Control4 Corporation, United Technologies Corporation, Honeywell, Johnson Control, Siemens AG, Acuity Brands, AMX Inc., Monitronics International, and Vivint Inc
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