July 8, 2021
A new research report forecasts that between 2021 and 2026 global demand for home automation systems will have a compound annual growth rate (CAGR) of 11.5%, reaching US$90 Billion by 2026.
Home automation system refers to devices that can safely regulate and monitor a range of home appliances such as lights, climate, and entertainment systems to name a few. The latest version of these systems further possesses the ability to control the alarm systems and control systems of the house.
The primary driving factors of the global home automation market are the growing popularity of the internet of things and the increased prevalence of consumers possessing elegant and luxurious appliances. Moreover, rising consumer spending and an increase in per capita income among consumers will further drive the growth of the global home automation market during the forecast.
Published by Facts and Factors, [IT]Home Automation Market By Management (On-premises & Cloud-Based), By Application (Lighting Control, Security & Access Control, HVAC Control, Entertainment Control, & Others), By Software and Algorithm (Behavioral & Proactive), And By Regions – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026[IT] suggests that strategic adoption of brand placement with celebrities and brands and increased marketing budgets among manufacturers will further enable a rise in revenue opportunities for the global home automation market during the forecast. The rising penetration of cloud-based solutions and rising smart homes among various regions will further increase the footprint of the global home automation market during the forecast. Prebuilt provisions for easy integration of these applications will further boost the growth of the global home automation market during the forecast.
Find out more about the report.
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