Increasing technological advancements across the globe are expected to drive the home automation market over the next seven years. Home automation market utilizes high-end digital technology for providing better performance and efficiency. Growing need for effective solutions in various domestic applications such as energy management, safety and security, HVAC (heating, ventilation, and air conditioning), entertainment (audio and video), and lighting are expected to boost the market over the forecast period. Increasing internet connectivity across the globe is estimated to fuel the market growth at a considerable rate. Additionally, innovative products and their applications are further projected to boost the market at a steady growth rate.
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Growing smartphone-based home automation application is expected to provide positive avenues to market growth. Factors such as rising awareness towards energy usage and ability to manage the energy consumption by the home automation technology are estimated to drive the market over the next seven years. Technological advancements in consumer electronics are anticipated to be a key market driver for the home automation market. Additionally, security and safety are expected to fuel the home automation market over the forecast period. Perception of high costs of these products and solutions may hinder market growth over the next seven years.
Home automation market is segmented based on their components such as type of products, networking technology, and their applications. Applications include energy management, safety and security, HVAC (heating, ventilation, and air conditioning), entertainment (audio and video), and lighting. Networking technology includes power line systems, wired systems, wireless systems, and computing networks. Types include mainstream home automation systems, luxury home automation systems, managed home automation systems, and do it yourself home automation systems.
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