The global home automation market is estimated to attain a valuation of US$ 253.18 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 16.6% during the forecast period, 2022 to 2031.
The trend of automation of home products has opened up new vistas in automation industry. The drive for these stems from the growing traction of smart homes and building, in terms of energy efficiency, comfort, safety, and security. Players in the home automation market are keen on unlocking new facets that straddle these proposition to explore new revenue potential.
The report by TMR is the end-product of a study performed using different methodologies including the PESTEL, PORTER, and SWOT analysis. The study with the help of these models shed light on the key financial considerations that players in the home automation market need to focus on identifying competition and formulate their marketing strategies for both consumer and industrial markets. The report leverages a wide spectrum of research methods including surveys, interviews, and social media listening to analyze consumer behaviors in its entirety.
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Home Automation Market: Industry Trends and Value Chain
The study on the Home Automation market presents a granular assessment of the macroeconomic and microeconomic factors that have shaped the industry dynamics. An in-depth focus on industry value chain help companies find out effective and pertinent trends that define customer value creation in the market. The analysis presents a data-driven and industry-validated frameworks for understanding the role of government regulations and financial and monetary policies. The analysts offer a deep-dive into the how these factors will shape the value delivery network for companies and firms operating in the market.
Preference of Smartphones to Access the Features Key Trend
A large number of features are likely to accessed through mobile devices particularly smartphones. The affordability and ubiquity of smartphones among consumers is a key factor spurring the preference of the use of smartphones in using home automation products. Growing use of home automation products among people who need assistance, such as patients with Alzheimer’s, is adding to the growth prospects.
Home Automation Market: Branding Strategies and Competitive Strategies
Some of the key questions scrutinized in the study are:
- What are some of the recent brand building activities of key players undertaken to create customer value in the Home Automation market?
- Which companies are expanding litany of products with the aim to diversify product portfolio?
- Which companies have drifted away from their core competencies and how have those impacted the strategic landscape of the Home Automation market?
- Which companies have expanded their horizons by engaging in long-term societal considerations?
- Which firms have bucked the pandemic trend and what frameworks they adopted to stay resilient?
- What are the marketing programs for some of the recent product launches?
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Making Homes Smarter Through Automation Become an Intractable Part of Lifestyle
Technology-led smart homes have become key to sustainable living. Over the years, the developed world as well as the developing world have witnessed the inroads that home automation has been making in peoples’ lifestyle. Growing array of products in the home automation market have constantly raised the ante for developers of technology products meant for automation markets, especially for general consumers.
Two key macroeconomic factors have fueled the trends. Rise in household disposal incomes as well as real personal disposable income of populations in emerging economies have fueled the appetite for automation products. Another aspect is the advance made in IoT – a key framework for supporting new features and functionalities in home automation products.
HARMAN, SAMSUNG, Crestron Electronics, Inc., Siemens AG, Lutron Electronics Co., Inc, ABB Ltd., Johnson Controls International, Honeywell International Inc., Snap One, LLC, Schneider Electric SE, Savant Systems, Inc, Legrand SA, and Nice North America LLC are prominent players operating in the global home automation market.
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