Rising Need for Energy Management to Play Vital Role in Increasing Demand for Home Automation Solutions
Since smart homes were first envisioned in the late 90s, the present-day home automation systems have grown highly advanced in terms of conserving energy and making household activities convenient. Globally, there is a growing need for effective solutions in several domestic applications such as safety and security, audio and visual entertainment, lighting, energy management, and heating, ventilation, and air conditioning (HVAC). Transparency Market Research (TMR) analysts state that this factor is primarily driving the global home automation market.
Rapid technological advances and expansive adoption of the internet of things (IoT) have been making home automation solutions a tangible reality for consumers worldwide.As per a report by TMR, the global home automation market was pegged at US$4.41 bn in 2013 and is estimated to reach US$21.6 bn by 2020, expanding at a CAGR of 26.3% from 2014 to 2020.
Q.Why are developed nations more lucrative for manufacturers operating in the global home automation market?
Smart home devices are usually more expensive than their conventional counterparts. This hampers the widespread adoption of home automation, especially in developing regions where the per capita spending is low. Moreover, in developed regions, the pace of technological advancements is greater than that in developing countries. For instance, Amazon Echo, a highly advanced technological device in the field of home automation, is available only in developed countries such as the U.S., the U.K., and Germany. Furthermore, a high degree of internet connectivity in developed nations is contributing to the growth of the home automation market globally. Thus, higher affordability and affinity towards new technology amongst consumers in developed countries make them a more favored destination for home automation manufacturers.
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Geographically, North America was the leading home automation market in 2013. Due to rapid advancement in technology in developed countries such as the U.S. and Canada and rising awareness regarding home automation, North America is expected to retain its dominance until the end of 2020. Europe and Asia Pacific collectively accounted for more than 40% of the overall market revenue in 2013.
Q.What are the strategies used by key players to compete in the global home automation market?
The global home automation market is characterized by high competitive rivalry. In the recent times, key players have been offering technologies that integrate with existing smart home IoT devices to provide improved solutions and to gain an edge over their contemporaries. To put this in perspective, in September 2016, Control4 Corporation and Cestron Electronics Inc., two leading global smart home solutions providers, announced integration with Amazon Alexa, the popular voice service that powers Amazon Echo and other Alexa-enabled devices. Some of the other key players in the global market are 2GIG Technologies, ADT Corporation, AMX LLC, iControl Networks Inc., Siemens AG, Johnson Controls, Vantage Controls, Honeywell International Inc., and Schneider Electric SA.