July 2022
28 Aug 2024
The global smart home automation market was evaluated at USD 82.10 billion in 2023 and is predicted to attain around USD 903.94 billion by 2033, poised to grow at a CAGR of 27.11% during the forecast period. With smart system installed in a house, home automation allows the automation of security, well-being, and comfort. The rising consumer inclination towards security and safety promotes the growth of the smart home automation market.
Home automation is accomplished by creating a network of hardware devices and electronic devices that communicate by the internet. A home automation system monitors or manage the electricity, temperature, entertainment system, and appliance. Additionally, it includes home security like access control and alarm system. Controlled devices are usually connected to a central smart home hub by a home automation system. The system’s user interface can used by wall-mounted terminals, tablet or desktop pc, a mobile phone application, or web interfaces that can be accessible remotely through the internet. Home automation systems controls or monitories any devices through wireless radio signals, and not just by internet access.
Wireless Automation: Emerging Form of Smart Home Automation
Top Factors to Shape the Smart Home Automation Market
Penetration of New Applications to Offer Growth Factor to the Market
Smart home automation technology expected to target large range of applications for the new digital consumer, rebuilding consumer expectations. Applications driving the market growth such as, HVAC, lawn management, lighting control, garden management, appliances management, water and air quality management and improved home safety. The integration of enhancement in such applications are driving the automation capabilities. Additionally, the market is observed to be supported by the integration of AI-powered systems for smart home automation, especially for the safety causes.
High cost of device purchasing, installation, and operation are restricting the market growth of smart home automation. Security and privacy are also being concern in term as using sensors, cameras, and other monitoring devices, seems to impacting the someone’s privacy, because of their continuous tracking and monitoring of user data, which can be use of abused. Additionally, poor manageability of devices installation challenges of message and data exchange formats.
However, businesses can modify their approach to product management by offering a free base and pushing for service in market. For instant, a home monitoring base station can install for free, but user can include additional services like smoke and burglar alarms, which will pay fees.
Recent Breakthrough by Airzone Control
| Company Name | Airzone Control |
| Headquarters | Malaga, Andalusia |
| Recent Development | In October 2023, Airzone Driver launched Crestron Home Control of Inverter/VRF HVAC Units, they have facility devices to connect quickly and easily, without the need for custom programming, additional wiring, or a WAN connection. |
Contribution of Control4 Co-founders in the market growth
| Company Name | Control4 Co-founders |
| Headquarters | Lehi, Utah |
| Recent Development | In January 2024, control4 co-founders launched the new SHaaS solution from newcomer OliverIQ, which Will West and Eric Smith provides 24/7 support access, embedded software, hub device, and a robust app. |
North America held the largest share of the smart home automation market in 2023. The region is expected to continuous as dominating region during forecast period. The overall rapid adoption of advanced technologies in the area create a significant driver for the market to expand in the region. The market’s largest category is wireless technology because of the growing number of online things-based devices. Improves in wireless connectivity rules, such Bluetooth, zigbee, Wi-Fi, are making it possible for devices to communicate with one other more frequently. In region energy sufficient devices been highly in demand increasing adoption of smart home solution.
The United States and Canada are observed to remain the largest contributors to the market in the upcoming period. Better access to processing and data resources in the cloud will be possible for smart home devices due to major rollout 5G in US and improved Wi-Fi technologies like Wi-Fi 6. The availability of key market players like ABB ltd., Schneider Electric, Honeywell International makes the market consolidated.
Asai Pacific is projected as fastest growing region in market growth over the forecast period. Smart home technology, software, services, and product types are the segments that dominating the Asia Pacific market. The growth of several segments helps in the analysis of growth pocket in areas, methods of majority influencing areas, and differences between target audiences. China is leading the region to the dominant presence of key smart device manufacturers. China considering as home to large manufacturing hubs for home automation sensors and IoT devices, which further drives market growth.
The smart home automation market offers numerous prospects in terms of potential. Sales of replacement components and repairs for smart home automation systems will fail or be vandalized. For example, smart lock accessories such as key covers, fingerprint module replacements, square shafts, PCB motherboards for smart locks, battery holders, and cards cost between $10 and $70.
The future of home automation is predicted to be defined by the incorporation of increasingly sophisticated technologies and the spread of the Internet of Things (IoT). We can expect considerable breakthroughs in the fields of artificial intelligence (AI) and machine learning (ML).
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 104.36 Billion |
| Market Revenue by 2033 | USD 903.94 Billion |
| CAGR | 27.11% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Component
By Technology
By Fitment
By Application
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