The global home automation market is anticipated to portray significant growth over the forecast period. Home automation involves introducing a degree of automation and computerized control to certain electronics and electrical systems. These appliances include garage doors, security systems, temperature control, audio/video types of equipment, electronic doors, and lighting. The system can be controlled through WiFi or Bluetooth enabled devices such as laptop or mobile phones, while a desktop PC acts as a server. Thus the hardware cost and the installation cost are considerably low as most users pre-own the required hardware.
Home automation solution meets the interoperability requirements of different applications and at the same time are easy to use and install. The rise in the aging population is expected to be the major market driver. High initial set up or installation costs and lack of standard guidelines may pose a challenge for the growth of this home automation market. However, corresponding decline and prices and an increase in the adoption of home automation may help overcome this challenge. Home automation and controls market include data distribution, lighting control, communication protocols, outdoor control, entertainment control, HVAC control, access control, and security control.
Lighting controls comprises dimming systems, manual switches, sensors, controllable breakers, central power systems, and relay systems. Products under HVAC controls include humidity sensors, temperature sensors, zone & climate control, and thermostats. Security controls encompass touch screens and keypads, motion sensors, video surveillance systems, and detection systems. Outdoor controls comprise parking garage controls, landscape controls, and standalone and network controls. Recording TV programs from a remote location using IP based platform is another feature provided by home automation systems. Entertainment controls include touch screen and keypads, home theater system control, multimedia room controls, and audio and video controls. Products under access control include touch screen and keypads, motion sensors, door contacts, and access control systems.
Growing interests in the consumer electronics industry, rise in consumer disposable income, the introduction of smart grids, and assistance of power line communication are some of the factors expected to drive the home automation market growth favorably. However, unethical technological breaches, lack of awareness among consumers, and lack of skilled workforce could pose a challenge to market growth. Key vendors dominating the home automation market include Ingersoll-Rand PLC, Emerson Electric Co. AMX, ABB Ltd., Legrand S.A., Lutron Electronics, Inc., Schneider Electric S.A, Crestron Electronics Inc., Tyco International Ltd., Nortek Inc., Vivint Inc., Control4 Corporation, Honeywell and Siemens AG.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.