Global IoT Home Automation Market
Global IoT Home Automation Market was valued US$ 39.60 Bn in 2016, and is projected to reach at US$ 81.64 Bn by 2024, growing at a CAGR of 11.2% during a forecast period.
Global IoT home automation market is segmented into installation, application, technology, and region. Based on installation, the global IoT home automation market is classified into luxury home, mainstream home, managed home, and DIY home. In terms of application, the global IoT home automation market is categorized into lighting, safety & security, HVAC, entertainment, and others. On the basis of technology, the global IoT home automation market is divided into wired and wireless. Based on regions, the global IoT home automation market is segregated into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
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IoT home automation is utilization of intelligent terminals, which is automation system to control home appliances and equipment. Rise in awareness for efficient energy usage, increase in electricity prices, and technological advancements are anticipated to drive the home automation market growth. Moreover, rise in safety & security concerns fueled the adoption of home automation system, thus boosting the market growth. However, lack of awareness about home automation products and high initial investments in home automation are anticipated to hamper the home automation market growth. Raised in adoption of automated services is anticipated to provide lucrative opportunities for the global home automation market.