Global Smart Home Automation Market: An Overview

Inroads made by automation in consumer electronics for homeowners have underpinned many an exciting avenue. Smart home automation has risen in popularity, especially in emerging and established economies.  The quadruple of attributes of connectivity, safety, security, and convenience that home automation technologies stands for is the compelling proposition for their rising deployment. The commercialization of an array of smart home automation draws strength from the rising awareness about the benefits—particularly for home security and surveillance.

A host of applications of smart home automation underlying the vast potential of the technologies are smart lighting, entertainment, smart kitchen, and HVAC and energy management. Powering smart home automation with renewable sources of energy is a crucial pivoting factor making them environmentally friendly.

The study offers critical assessment of factors that shape the demand for smart home automation devices in various applications. The analyses and quantitative assessments offered in the study helps market participants to get insights into emerging technological avenues and key investment pockets in the global smart home automation market.

Global Smart Home Automation Market: Key Growth Dynamics

The focus of manufacturers of smart home automation devices on integrating hardware, software, and services has been a crucial driving factor. The aspect that weaves all these is perhaps the use of robust connectivity technologies, notably spearheaded by the advent of internet of things (IoT). Advances being witnessed in electronics, monitoring technologies, and imaging systems are fueling the strides in the global smart home automation market. Further, increasing trend of mainstreaming of voice control solutions in developing countries is catalyzing the rapid expansion of the market.

In recent years, wireless home automation has garnered some steam. The popularity is stoked further by the growing availability of smart home automation technologies via cloud computing. The advent of feature-rich products has created new demand trajectories in the global smart home automation market. These products are equipped with machine to machine (M2M) communication. However, there still exists low awareness of smart home automation technologies in less developed regions. On the other hand, smart home automation devices are likely to witness extensive application in video surveillance services and in smart kitchen. This will, undoubtedly, expand the potential of the global smart home automation market.

Global Smart Home Automation Market: Regional Outlook

The study evaluates the growth dynamics of various regions in the global smart home and the factors that underlie their revenue-generating potential. Some of the regional markets for smart home automation products are the Middle East and Africa, South America, North America, Europe, and Asia Pacific. One of the key regions in the global market is North America. The presence of several prominent device manufacturers and the large appetite for advanced automation are underpinning its substantial lucrativeness.

Meanwhile, Asia Pacific holds a large potential in the global smart home automation market on account of a number of macroeconomic underpinnings. The region is characterized by rising geriatric population as well the growing numbers of millennials who are attracted toward smart home automation technologies. Focus on improving living standards, coupled with marked disposable incomes the regional population has, is bolstering demand for smart home automation in Asia Pacific.

Global Smart Home Automation Market: Competitive Dynamics

The study offers an incisive assessment of the various elements of competitive dynamics of the smart home automation market. The analysis includes detailed profiling of emerging and established players and offers insights into the strategies that can change the status quo of the dynamics.  Several prominent players operating in the global smart home automation market are focusing on new product developments and are bringing continuous upgrades.

Key names include Siemens AG, Schneider Electric, Lutron Electronics Co., Inc., Leviton, Johnson Controls, Honeywell International Inc., Crestron Electronics, and ABB Ltd.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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