Published Date: 31-Jul-2022
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report, published by KBV research, The Global Smart Home Automation Market size is expected to reach $187.8 billion by 2028, rising at a market growth of 15.2% CAGR during the forecast period.
The Services segment has shown the growth rate of 16.3% during (2022 - 2028). The utilization of lighting services for cost-saving and energy-saving purposes can be credited for the rapid growth of the market worldwide. Moreover, these services are provided by professional experts, which helps the user in witnessing a seamless home automation experience after installation. Therefore, the growth of the segment is primarily being propelled owing to this.
The Entertainment segment acquired maximum revenue share in the Global Smart Home Automation Market by Application in 2021 thereby, achieving a market value of $63.9 billion by 2028. The surge in the growth of the segment is primarily owing to the emergence of the COVID-19 pandemic, During the pandemic, people were compelled to stay at home, due to which, they had a lot of unproductive time.
The Cellular segment is showcasing a CAGR of 15.6% during (2022 - 2028). There are numerous cellular networks. Other technologies, like WIFI, are not as widespread, so users must look for and join a local network while avoiding rogue access sites like free WIFI. The range is also advantageous, particularly for tenants or homeowners who wish to control automation equipment that is potentially located outside of their residence.
The North America market dominated the Global Smart Home Automation Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $65 billion by 2028. The Europe market is exhibiting a CAGR of 14.8% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 15.7% 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 ABB Group, Siemens AG, Schneider Electric SE, Johnson Controls International PLC, Honeywell International, Inc., Leviton Manufacturing Co., Inc., Legrand S.A., Crestron Electronics, Inc., Ingersoll Rand, Inc., and Lutron Electronics Co., Inc.
Unique Offerings from KBV Research