The global home automation market was estimated at US$4.4 billion in 2013 and is anticipated to reach US$21.6 billion by 2020, expanding at a remarkable compound annual growth rate of 26.3% between 2014 and 2020, according to research and survey results released by MarketWatch this week.
The global market for home automation is segmented on the basis of type, networking technology, application, and geography. On the basis of application, the market is segmented into safety and security, entertainment, HVAC, and others. On the basis of networking technology, the market is segmented into power-line, wired, wireless, and computing network home automation systems. On the basis of type, the market is segmented into luxury system, Do-it-Yourself mainstream, and managed home automation system.
“We have sold homes strictly on their home automation,” said Rayni Williams, a preeminent agent for Hilton & Hyland. “A ‘smart home’ in this day and age is as basic as a washer and dryer and the higher-end homes must have the top-of-the-line animation to keep up with the time.”