Increasing Demand for Home Healthcare Automation to Create Growth Opportunity for Home Automation Solution Vendors, Reports TMR
The global home automation market demonstrates a highly fragmented landscape with a large pool of participants. The top three players, namely, AMX LLC, ADT Corp., and Crestron Electronics Inc., could stake a claim on only 41.3% of the overall market in 2013, finds a new report by Transparency Market Research (TMR).
Due to the extreme fragmentation, the level of rivalry is also exceptionally high in this market. Adding to the scenario is the escalating count of players from various other sectors, such as integrators and managed service providers, venturing into this market. As a result, the predominant players are likely to face difficulty in maintaining their hold on this market in the coming years.
In 2013, the worldwide market for home automation presented an opportunity worth US$4.4 bn. Expanding at an impressive CAGR of 26.30% during the period from 2014 to 2020, it is likely to increase to US$21.6 bn by the end of the forecast period. The safety and security segment registered a higher demand for home automation solutions than other application segments in 2013 with a share of 34.27% in the overall market. This trend is expected to remain the same over the forecast period, notes the study.
North America to Remain Dominant in Global Home Automation Market
The report also presents the analysis of the global home automation market on the basis of its geographical presence. According to the study, the market has been spread across Europe, Asia Pacific, and the Rest of the World. North America emerged as the key contributor to the overall market with a share of more than 50% in 2013. Owing to the significant growth in working women population, the region is predicted to remain dominant throughout the forecast period.
Asia Pacific and Europe are also expected to report a healthy rise in the demand for home automation solutions. The rising urbanization is likely to fuel the demand for these solutions in Asia Pacific while the recuperating economy is anticipated to support the market for home automation in Europe over the next few years.
Increasing Usage in Various End-use Applications to Fuel Demand for Home Automation Systems
“The demand for home automation systems is primarily influenced by their increased application in lighting, safety and security solutions, entertainment, HVAC systems, and energy management,” states an analyst at TMR. To add to the swelling demand, a number of new application areas, such as remote monitoring, pet care, and home healthcare, have also cropped up in the recent times.
Among these, the home healthcare automation segment holds immense potential for growth, thanks to the rise in the global geriatric population. Besides, home healthcare automation solutions help in reducing the costs incurred on visits to the doctor or the employing a nurse at home, which is another prominent factor fueling the popularity of home healthcare automation solutions.
Along with these, the advent of managed home automation services and the escalating need for energy management are also propelling the global market for home automation significantly across the world.
High Cost of Installation to Limit Demand for Home Automation Solutions
In spite of all the convenience home automation solutions provide to consumers, the high cost associated with their installation is limiting their demand to some extent. The low awareness pertaining to technology is also posing as a challenge to the adoption of these solutions. However, the severity of these restraints is not so high and the market is less likely to be hampered by them in the long run, states the report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Home Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The global home automation market is segmented on the basis of following categories:
- Safety and security
- HVAC (Heating, Ventilation, and Air-Conditioning)
- Entertainment (Home audio and video)
- Others(Robotics, heath care)
By Networking Technology
- Wired home automation systems
- Power-line home automation systems
- Computing network home automation systems
- Wireless home automation systems
- Luxury (custom) home automation systems
- Mainstream home automation systems
- DIY (Do It Yourself) home automation systems
- Managed home automation services
- North America
- Asia Pacific
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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