Expansion of the global home automation market is likely to be influenced by its energy saving features, enhanced security solutions, convenience and affordability, according to recent research by Transparency Market Research. The demand for home automation services is also increasing due to growing penetration and development of smartphone-controlled applications.
Some of the prominent market players in the future of home automation market will be companies like Ingersoll-Rand, Cisco, Crestron, Siemens, Savant Systems, Honeywell, Lutron, Apple and Amazon.
Conducting research, Transparency Market Research (TMR) created a detailed report on the global home automation market. The market is likely to expand at a rate of 6.8% over the forecast tenure.
North America is estimated to dominate the global home automation market in foreseeable time. Spiraling popularity of several gadgets equipped with home automation solutions and demand for better home security options. The growth in the region is also characterized by the presence of a large number of prominent companies in the region, which is likely to boost the global home automation market.
Asia Pacific holds much promise for the market over the assessment period, from 2018 to 2026. The market in the region is estimated to be impacted by the rapid adoption of advanced technologies in the region.
The global home automation market is estimated to be influenced by factors like augmented use of smartphone-controlled applications, which are utilized in the supervision of home appliances from a distant location. In addition, various governments are making efforts in the encouraging and implementation of home automation solutions, thereby influencing the growth of the global home automation market.
On the flip side, there is shortage of awareness about the features and implementation of home automation solutions available in the market, In addition, the initial cost of installation is quite high. These factors could hamper the growth of the global home automation market in forthcoming years.