The growing penetration of Internet of Things devices and the rising spending capacity of the middle-class population fuels the expansion of home automation industry.

According to the Next Move Strategy Consulting, the Global Home Automation Market is valued at USD 103.34 billion in 2023, and is expected to reach USD 210.53 billion by 2030, with a CAGR of 10.7% from 2024 to 2030.

The home automation market experiences robust growth driven by the increasing integration of IoT devices. With an estimated 50 billion IoT devices in use globally by 2030, this technological revolution transforms home management. IoT facilitates seamless connections among various home devices, enhancing control over lighting, heating, security, and entertainment systems. This interconnectedness not only provides homeowners with greater control but also enables remote management, introducing substantial convenience and flexibility.

Moreover, the widespread availability of high-speed internet and the proliferation of connected devices have laid the groundwork for advanced home automation systems. This connectivity is further bolstered by the ubiquitous use of smartphones. With a smartphone in almost every hand, controlling and monitoring home automation systems have become more accessible and convenient for the average consumer.

In addition, rising disposable incomes are transforming home automation from a luxury to a necessity, driving significant growth in the global market. The transition of home automation from a luxury to a necessity in many households is a direct result of increased financial resources. Individuals are increasingly inclined to enhance their living spaces with smart, efficient, and convenient home technologies.

The U.S. Bureau of Economic Analysis reports a significant increase in consumer spending power, with disposable income rising to 15461.38 USD billion in the third quarter of 2023, up from 15343.55 USD billion in the previous quarter. This trend has been consistently upward since 1950, averaging 6680.08 USD Billion and reaching an all-time high in 2023. This upward trend in financial power is a clear indicator of the expanding investment in smart home technologies, further driving the growth of the global home automation market.

Furthermore, the integration of home automation systems with popular voice assistants like Amazon Alexa, Google Assistant, and Apple's Siri has simplified the control of smart homes. This integration has made managing home environments more intuitive and interactive, appealing to a broader range of users, from tech-savvy individuals to those who may not be as comfortable with traditional technology interfaces.

However, security concerns, including the risk of hacking smart home devices, pose a significant obstacle to the growth of the home automation market. On the contrary, the integration of blockchain technology in home automation devices is a key factor, enhancing security, fostering consumer trust, and unlocking opportunities for market growth. Blockchain is known for its strong security features and provides a decentralized approach to data management and security. This technology is particularly suited for enhancing data safety in smart home devices.

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According to the report, leading players in the home automation market include Honeywell International Inc., ABB Inc., Ltd, Johnson Controls International, Crestron Electronics, Inc, United Technologies Corporation, Schneider Electric S.E., Siemens AG, Lutron Electronics Co. Inc, Ingersoll-Rand plc, Legrand SA, and others. These market players are adopting product launch strategies across various regions to maintain dominance in the home automation market.

For instance, in April 2023, Resideo Technologies, a spin-off of Honeywell has introduced the Honeywell Home T10+ Smart Thermostat Kits, offering efficient control over indoor air quality and comfort. The kit, equipped with RedLINK 3.0, ensures swift installation, direct WiFi connectivity, and the capability to manage multi-stage heating or cooling systems and indoor air quality accessories like humidifiers and air cleaners.

Moreover, in June 2023, ABB has announced its acquisition of Eve Systems GmbH, a Munich-based smart home products provider, strengthening its commitment to creating safe, intelligent, and energy-efficient homes and buildings.

Key Insights from the Home Automation Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the home automation market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the global home automation market players and their competitive analysis are provided in the report