The global home automation system market has exceeded value of $US60 billion in 2020 and will grow at nearly 9 per cent annually through to 2026, according to a new report.
Home automation systems, which include security and automation solutions of all kinds, are gaining traction thanks to their ability to monitor safety and security and enhance user convenience. Home automation solutions also help in minimizing energy consumption and increasing operational efficiency. Remote functionalities are increasingly important as homeowners work their way through the COVID pandemic, facilitating management of deliveries and visitors.
Driving the technology faster is the fact such systems and their devices can be controlled with smart home devices. Automation technology also enables users to monitor their home from another location using an interface on a computer, tablet or smartphone. Technology giants like Apple, Google, Microsoft and Samsung have invested heavily in the home automation business and are driving global home automation system market growth at a CAGR of 8.7 per cent.
According to the Marketsandmarkets report, home automation is a fractured vertical, made up of security providers, home automation players, developers of management solutions and apps, device manufacturers and large digital service providers, some of which are in partnership with one another.
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