Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Home Automation and Control Market size is expected to reach $106.6 billion by 2028, rising at a market growth of 11.1% CAGR during the forecast period.
The Safety & Security segment is leading the Global Home Automation and Controls Market by Application in 2021 thereby, achieving a market value of $33.9 billion by 2028. The rapid expansion of the market is attributed to a surge in the concerns of people toward their security. In recent years, the cases of burglary and home invasions have increased. Owing to the fact that smart home automation systems can alert the user about any unusual activity at their doorstep or in their home, the adoption of smart home automation is increasing for home security.
The Mainstream Home Automation System segment is showcasing a CAGR of 11.3% during (2022 - 2028). This is explained by the improved usability and affordability of such home automation systems. These systems enable users to manage smart devices, frequently using a smart home app on Smartphone or other networked devices, giving homeowners protection, comfort, convenience, and energy economy.
The Wired Home Automation Systems segment has shown the growth rate of 11.7% during (2022 - 2028). Wired systems seem to be very dependable because they don't depend on sensors that communicate via radio frequency. There are few potential issues to be concerned about when a professional completes the first setup of a wired system. Controlling the lights one can utilise a wired keypad, and there are several options available. They are trustworthy and dependable. Wired keypads can be used for numerous rooms and lighting sequences once the proper wiring has been installed.
The Europe market dominated the Global Home Automation and Controls Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $35.3 billion by 2028. The North America market is exhibiting a CAGR of 10.9% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 11.9% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Siemens AG, Honeywell International, Inc., ABB Group, Johnson Controls International PLC, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Snap One Holdings Corp. (Control4), Legrand Group, ADT Inc., Nice S.p.A., and Leviton Manufacturing Co., Inc.
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