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Smart Home Automation Market Insights
The global smart home automation market demonstrates significant growth potential. Increasing consumer preference for convenience, alongside the growing demand for energy efficiency and seamless control over connected devices and systems, would drive the market growth. Market Research Future (MRFR) confirms that the global smart home automation market will escalate from USD 64.1 BN in 2022 to USD 595.38 BN by 2032, growing at a 28.10% CAGR throughout the assessment period (2023-2032).
With the increasing adoption of advanced smart solutions, the smart home automation market is witnessing vast traction across the globe. Rapid improvements in connectivity technologies and the rising demand for easy-to-integrate smart home automation solutions are major market trends. Besides, the increasing integration of advanced smart home automation solutions and appliances drives the market’s growth.
Also, the wide uptake of smart home automation DIY initiatives allows the market to witness a significant rise in revenue during the next few years. Over recent years, investments in smart home automation systems have been growing pervasively. Industry players strive to set new benchmarks with advanced, value-for-money accessory ranges.
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Major Players
Leading smart home automation market players include
Smart Home Automation Market – Segmentation
The market report is segmented into technology, components, applications, fitments, and regions. The component segment is sub-segmented into hardware, software & solutions, and services. The technology segment is sub-segmented into cellular, wireless, and others. The application segment is sub-segmented into security, lighting, entertainment, HVAC & energy management, smart kitchen, and other
appliances. The fitment segment is sub-segmented into new construction and retrofit. By regions, the market is sub-segmented into Asia-Pacific, Americas, Europe, and rest-of-the-world.
Global Smart Home Automation Market – Geographical Analysis
North America dominates the global smart home automation market, with rising smart home projects led by improved living standards and high disposable incomes. Besides, government initiatives to propel energy-efficient solutions that can provide benefits such as increased energy savings and reduced costs & greenhouse gas emissions substantiate the smart home automation market value.
The region has several key smart home automation solution providers offering a full-service structure. They also try to expand beyond their routine items and build personalized automation for clients’ needs. The US market accounts for the dominating market in the region with technological advancement and increased adoption.
Smart Home Automation Market – Competitive Landscape
This market appears well-established due to the presence of several noteworthy players. Industry players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launches to gain a larger competitive share. These players focus on innovation and developing new solutions, fuelling the intensified market competition.
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Industry/ Innovation/ Related News
Nov.01, 2023 – Home Assistant, a robust smart home automation tool, announced enhanced Android support for smart home automation. The company is now offering improved support for Android devices. By integrating with the native device controls feature, Android users can enjoy a more streamlined and advanced panel view for controlling their smart home devices. The highly versatile platform, Home Assistant, allows users to consolidate their various smart home devices into a single centralized hub.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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