Dublin, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The "Home Automation System Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Home Automation System Market is Expected to Grow from USD 40.8 Billion in 2020 and is Projected to Reach USD 63.2 Billion by 2025 at a CAGR of 9.1%
during the forecast period. As millennials account for the majority of new home buyers, growing homeownership is one of the major factors driving the adoption of home automation systems. Insurance companies offering attractive discounts to house owners having inbuilt access control and security systems is expected to help consumers to save on house insurance premiums and cover the cost of adopting home security systems for residential applications. The integration of home healthcare equipment with home automation systems such as monitoring and diagnostic tools is simplifying the caregiving process for the elderly and ailing. As a result, AI voice technology has resonated well with the baby boomers and elderly.
On-premises management expected to maintain its market dominance during the forecast period
On-premises management systems consist of a central hub that controls all the home automation systems in the home. It allows the user to control lights, thermostats, HVAC, audio and video streaming devices, and other home appliances from a single source. This management system is also widely used with home automation security systems.
On-premises management was the only system available for home automation for many years. They are ideal for connecting to a large number of smart devices from a single source. New homes generally have pre-installed on-premises management systems. Hence, the market for on-premises management is expected to hold a larger share during the forecast period.
Entertainment and other controls products expected to have the largest share of the market throughout the forecast
The major controls used to control and regulate the entertainment systems in home automation are audio, volume, and multimedia room controls. Other controls include smart meters, smart plugs, smart hubs, smart locks, smart window blinds, and smoke detectors. Automated home audio and volume controllers are used to control the audio and video played in the house or to customize what is playing in each room individually. There are numerous commercial systems that can be purchased in the market, or the user can also get a system custom-built or homemade.
The emergence of voice-controlled speakers such as Google Home and Amazon Echo has greatly expanded the market for entertainment controls. Other controls include smart meters, smoke detectors, smart plugs, smart window blinds, smart locks, and smart hubs which are commonly found in many homes as they are standalone devices. Hence, the entertainment & other controls segment is expected to hold the largest market share during the forecast period.
Behavioral software and algorithm to hold a larger share of the market in 2020
Behavioral type of software and algorithm analyzes energy-related data from various home automation devices and sensors and forwards it to the end-users. This category of software and algorithm is restricted to transmitting and receiving the data and does not perform intelligent actions. Many of the home automation devices have the behavioral type of software and algorithm. This includes smart meters, smart blinds, and AV controls. Since most home automation systems were initially equipped with the behavioral type of software and algorithm, it has a slightly higher market share compared to the proactive type.
North America to hold a significant share of the market in 2020
North America is expected to hold the largest market for home automation systems in 2020 and is expected to remain the largest market in the future due to a large real estate and housing market in the US and Canada. Factors such as the increasing demand for reliable home energy management systems; enhanced home security levels; improved device standards; and the growing popularity of integration of smart devices, such as tablets, smartphones, and standalone voice assistants, in homes are driving the market in North America.
This region is also home to some of the key players in the global home automation system market, such as Resideo (US), Acuity Brands (US), ADT (US), Control4 (US), and Crestron Electronics (US). This is expected to further boost market growth during the forecast period.
The COVID-19 pandemic is expected to affect North America the most, while the market in APAC is expected to be the least impacted. The North American real estate market witnessed a sharp decline in the first and second quarters of 2020, resulting in fewer home purchases despite the fall in house prices.
Real estate prices are expected to drop to 10% during the pandemic due to reduced real estate bookings. As a result, many existing and potential home automation buyers in North America are deferring their purchases during the pandemic to avoid excess spending.
Growing Homeownership Among Millennials Worldwide
Increasing Use of Home Automation Systems Among the Elderly Population
Lower Insurance Costs for Homeowners Investing in Home Security Systems and Increasing Services Offered by Telecommunication Companies
High Costs Associated with the Purchase and Deployment of Home Automation Systems
Lack of Pre-Installed Home Automation Systems and Provision in Pre-Built Homes
Rapid Urbanization in Developing Countries
Rising Significance of IoT Technology in Home Automation
Compatibility Issues with the Integration of Home Automation Systems from Different Manufacturers
Growing Security Concerns with Home Automation Devices
Decline in the Adoption of Home Automation Shipments Due to COVID-19
Tariffs and Regulations
Wi-Fi: Wi-Fi Alliance
Z-Wave: Z-Wave Alliance
Zigbee: Zigbee Alliance
Bluetooth Low Energy (Ble): Bluetooth Sig
X10 by Pico Electronics
Insteon by Smartlabs
Thread by Thread Group
Universal Powerline Bus (Upb) by Powerline Control Systems
Legrand Home Automation System Deployed at a Historic Farmhouse
Sales Leader and Author at Residential Tech Installs Home Security System from Resideo
Smarter Home Story: Michele and Alex
Smarter Home Story: Jonas and Tina
Leviton Deployed Next-Generation Home Automation in New Orleans
Crestron Electronics Provided Smart Shade Solutions for Colorado Home
Crestron Electronics Provided a Smart Home System for 4K Video Distribution
Crestron Electronics Upgrades New Jersey Home Through Home Automation
Lutron Provided Lighting Control Solutions to a Luxury Residence in the UK
Vantage Controls Provided Home Automation Solutions to Homes in the US
Leviton Manufacturing Company
Remote Technologies Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/8wo9b9
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900