The worldwide Smart Home Automation Market is
anticipated to reach around USD 203.3 billion by 2026 according to a new
research published by Polaris Market Research. In 2017, the entertainment
segment dominated the global market, in terms of revenue. In 2017, North
America accounted for the majority share in the global Smart Home Automation
market.
The growing demand for remote
monitoring of homes, along with increasing costs associated with energy use
increases the demand for smart home automation. The increasing use of mart home
automation in the development of smart cities, along with government
regulations regarding energy use and emissions support the smart home
automation market growth. The rising adoption of Internet of Things, and smart
devices boosts the adoption of smart home automation. Other factors
driving the market growth include growing penetration of mobile devices,
technological advancements, and development of smart cities. New emerging
markets, emerging consumer demographics, and increasing awareness among
consumers regarding efficient energy use would provide growth opportunities for
smart home automation market in the coming years.
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The rising concerns regarding energy
efficiency has increased the adoption of smart home automation. Smart home
automation systems maintain the controls of home equipment to maximize energy
efficiency. For instance, the thermostat uses a temperature threshold to govern
the home’s heating and cooling system. They can also be programmed with
different target temperatures to keep energy usage at a minimum.
In 2017, North America accounted for
the highest share in the global smart home automation market. The primary
factors driving the smart home automation market growth in the region include
established telecommunication industry and cloud infrastructure, rising
penetration of mobile devices, technological advancements, and high investment
in R&D. The introduction of favorable government regulations regarding
energy usage and emissions, and rising awareness regarding use of energy
efficient equipment boost the smart home automation market in North America. The
increasing concerns regarding safety and access control, increasing development
of smart cities, and growing adoption of connected devices and IoT further
increase the demand of Smart Home Automation in the region.
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The
companies operating in the smart home automation markett include Johnson Controls, ABB Ltd., Ingersoll-Rand plc,
Schneider Electric, Legrand SA, Crestron Electronics, Inc., Siemens AG,
Honeywell International, Inc., Control4 Corporation, and Leviton Manufacturing
Company, Inc. These companies launch new products and collaborate with other
market leaders to innovate and launch new products to meet the increasing needs
and requirements of consumers.
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