Global Smart Home Automation Market Research Report 2020: COVID-19 Outbreak Impact Analysis
Brand Essence Market Research has developed a concise study on the Smart Home Automation market to depict valuable insights related to significant market trends driving the industry. The report features analysis based on key opportunities and challenges confronted by market leaders while highlighting their competitive setting and corporate strategies for the estimated timeline.
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Global Smart Home Automation Market is valued at USD 74.87 Billion in 2018 and expected to reach USD 163.46 Billion by 2026 with the CAGR of 11.8% over the forecast period. The increasing awareness and rapid adoption of smart home devices is driving the growth of Global Smart Home Automation Market.
Smart home automation is a part of IOT, in which the devices and appliances of home can be networked together to provide control overall aspect of the home. Recent technological developments of interconnected world at the touch of finger or simple voice command to Alexa, Google Assistant, Siri, and Cortana are the product version of smart home technology. With smart home automation, consumers can dictate how a device should react and when it should react. Customer can schedule to determine when the device should turn on and off. The customer can control time, money, and convenience according to the preference. The smart home automation technology can send alerts to smart phone of any unforeseen events that take place in customer’s absence. Smart home automation market is witnessing a significant growth as it is easy for the customers to control their devices through their home automation app by smartphones.
Global smart home automation market is segmented basis of technology, type, application and region & country level. On the basis of type, the smart home automation market is divided into luxury, DIY, managed and mainstream. On the basis of technology, the market is segmented into wired and wireless. On the basis of application, the market is segmented into lighting, safety & security, HVAC, entertainment and others.
The regions covered in this Global Smart Home Automation Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of smart home automation is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players for Global Smart Home Automation Market Report: Some major key players for global smart home automation market are, ABB Ltd., AMX LLC. (Harman), Control4 Corporation, Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls Inc., Savant Systems LLC., Siemens AG, Vantage Controls (Legrand), and Zigbee Alliance and others.
The Increasing Awareness and Rapid Adoption of Smart Home Devices are Driving the Global Smart Home Automation Market.: Smart home automation market is rapidly growing due to its usefulness, advantages, automation frenzy and safety that it provides to the customers. Increasing use of smart phones also supplementing the smart home automation market growth as it is one of the main gadgets that helps in implementing the smart home technology. For example, over 1.5 million people have apple watch, through which customers control smart home products. In addition, growing awareness about smart home technology owing to the initiatives taken by the market players on educating the customers, such as advertisements and videos provided by Amazon, Google etc. is also fostering the market growth.
Previously smart home automation offered by small companies providing individual products and services, but recently many of these companies are operating under big companies.
This trend in turn helped the integration and communication among home devices and made them easily accessible and affordable. Due to its various applications and peopleâ€™s orientation towards adopting technology, it is now somewhat common in urban homes to have one or two smart devices. Just as mobile banking and other technology oriented services became easier with time, smart home is also gaining trust and confidence among consumers which is augmenting the smart home automation market growth. According to a study, after purchasing one product, 70% of customers are buying another product, which shows the increasing adoption of the product. Due to gradual technological development, companies are now providing more integrated products with systems and networks which is also propelling the market growth. Smart home automation suffers from platform fragmentation and lack of technical standards which may hamper the market growth.
North America is Expected to Dominate the Global Smart Home Automation Market: North America is dominating the global smart home automation market due to the promotional activities, high rate of adoption and awareness of technological improvement in this region. In addition, presence of leading players including Honeywell International Inc., Acuity Brands, Inc., Johnson Controls Inc., United Technologies Corporation and Crestron Electronics, Inc. etc. in this region is also supplementing the market growth with their innovative products and promotions. The fact that more than one-third of US consumers have two or more smart home devices shows the expansion of smart home automation market in North America.
Asia Pacific is the second dominating market for smart home automation due to the growing disposable income, innovative technologies and increasing awareness of technology in this region. South Korea is leading the market in Asia Pacific followed by Japan and China. In case of Europe, the market is expected to grow steadily due to increasing investments in improving standard of living, increasing demand for HVAC and energy management.
Global Smart Home Automation Market Segmentation:
â€¢Safety & Security
This comprehensive report will provide:
â€¢ Enhance your strategic decision making
â€¢ Assist with your research, presentations and business plans
â€¢ Show which emerging market opportunities to focus on
â€¢ Increase your industry knowledge
â€¢ Keep you up-to-date with crucial market developments
â€¢ Allow you to develop informed growth strategies
â€¢ Build your technical insight
â€¢ Illustrate trends to exploit
â€¢ Strengthen your analysis of competitors
â€¢ Provide risk analysis, helping you avoid the pitfalls other companies could make
â€¢ Ultimately, help you to maximize profitability for your company.
Our Market Research Solution Provides You Answer to Below Mentioned Question:
â€¢ Which are the driving factors responsible for the growth of market?
â€¢ Which are the roadblock factors of this market?
â€¢ What are the new opportunities, by which market will grow in coming years?
â€¢ What are the trends of this market?
â€¢ Which are main factors responsible for new product launch?
â€¢ How big is the global & regional market in terms of revenue, sales and production?
â€¢ How far will the market grow in forecast period in terms of revenue, sales and production?
â€¢ Which region is dominating the global market and what are the market shares of each region in the overall market in 2017?
â€¢ How will each segment grow over the forecast period and how much revenue will these segment account for in 2026?
â€¢ Which region has more opportunities?
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The Essential Content Covered in the Global Smart Home Automation Market Report:
* Top Key Company Profiles.
* Main Business and Rival Information
* SWOT Analysis and PESTEL Analysis
* Production, Sales, Revenue, Price and Gross Margin
* Market Share and Size
The report provides a 6-year forecast (2020-2026) assessed based on how the Smart Home Automation market is predicted to grow in major regions like USA, Europe, Japan, China, India, Southeast Asia, South America, South Africa, Others.
Strategic Points Covered in TOC:
Chapter 1: Introduction, market driving force product scope, market risk, market overview, and market opportunities of the global Smart Home Automation market.
Chapter 2: Evaluating the leading manufacturers of the global Smart Home Automation market which consists of its revenue, sales, and price of the products.
Chapter 3: the competitive nature among key manufacturers, with market share, revenue, and sales.
Chapter 4: Presenting global Smart Home Automation market by regions, market share and revenue and sales for the projected period.
Chapters 5, 6, 7, 8 and 9: To evaluate the market by segments, by countries and by manufacturers with revenue share and sales by key countries in these various regions.
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