Home Automation System Market and its Key Opportunities and Challenges

(IT-NEWSWIRE.COM, November 02, 2019 ) The global Home Automation System Market was valued at USD 39.93 Billion in 2016 and is expected to grow at a CAGR of 11.3% between 2017 and 2022, as per a report by MarketsandMarkets.

How lighting controllers to incorporate in-built data connectivity technology offers an opportunity?

The lighting control market has seen considerable growth over the past few years. This market includes a considerable number of products such as dimmers, timers, occupancy sensors, daylight sensors, and relays. These products are used either independently or in an integrated form. These products can be integrated with the home automation systems through wired and wireless technologies. To enable their automated operation, lighting controllers have to be externally integrated with communication protocols. However, lighting control manufacturers are now manufacturing products with in-built data connectivity. These controllers can be operated directly, without external communication protocols and connectivity. This is expected to create a considerable demand for such products, thereby creating reasonable opportunities for the home automation industry.

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Why risk of device malfunctioning remains a challenge?

The home automation systems are widely dependent on device interconnectivity standards, communication protocols, and network technologies. The entire operation of home automation products depends on the interoperability of all the devices. The ecosystem of the home automation system includes the hardware, software, and service segment. For the efficient and reliable functioning of every single product, it is highly essential for all the three segments to operate smoothly and collectively. The malfunctioning or disconnection of any of the segments leads to several complications for the homeowner in terms of cost and technical complexities. It is, therefore, a major challenge for the home automation system providers to eliminate the risk of device malfunctioning and ensure smooth functioning.

Large number of manufacturers expanding their product portfolios

The value chain of the home automation system industry includes a large number of component, device, and system manufacturers across the globe. The industry also has a considerable number of software algorithm and service providers. Samsung’s SmartThings, Amazon’s Echo, Google’s Google Home, and Apple’s HomeKit are some of the product innovations by tech giants who have made a recent entry into the home automation market. In April 2016, Johnson Controls launched a new residential touch-screen thermostat from the YORK brand, which keeps homeowners seamlessly connected to their home comfort systems both at home and away from home via their smartphones, tablets, or computers. Homeowners have started adopting home automation solutions on a large scale owing to their advantages such as convenience, energy efficiency, and cost reduction. With the high penetration rate of lighting controls (such as dimmers, timers, and occupancy sensors), HVAC controls (such as smart thermostats, sensors, and control valves), and security and access products (such as security cameras and smart locks) in North America and Europe, the manufacturers of home automation products are expanding their product portfolios to cater to different application areas within a household. Some of the major application areas include electricity energy conservation, water conservation, security, entertainment, and healthcare.

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Home Automation System Market and its Key Opportunities and Challenges