Published on : Dec 22, 2015
Over a few decades, the residential sector has evolved tremendously with safety and security topping the list of discerning buyers. In times when criminal activities are on the rise and threat to human life, builders and innovators are designing automation solutions that not only add to the luxury of homes, but also enhance its safety features. This trend is not just in the West, but is rapidly becoming a demand amongst the Eastern dwellers who have travelled to different places and experienced the convenience of living with automation. Furthermore, customization in the home automation market is becoming the fulcrum of several residential purchases.
The factors driving this home automation market is largely the hospitality industry and the residential sector that demand greater convenience, high comfortable, and sustainable living spaces. This market is also being driven by the changing demands of the consumers in the residential sector for automation add-ons such as temperature sensors, 24x7 surveillance, door sensors, biometric registration/entry, and smart appliances.
Owing to these reasons the global home automation market, which was valued at US$4.41 billion in 2014, will grow at a CAGR of 26.3% from 2014 to 2020. Several companies are also introducing great ideas to stay ahead in the competition and to grab a bigger share in the global home automation market. Some of the popular home automation devices are VeraLite Home Controller, SmartThings Know and Control Your Home Kit, Belkin WeMo Light Switch, Belkin WeMo Insight Switch, Revolv Hub, Fortress Security Store S02-A Wireless Home Security Alarm System Kit Auto Dial, Aeotec Z-Wave MultiSensor by Aeon Labs, SmartSense Presence Sensor, Honeywell Lyric Thermostat, Everspring Wireless Flood Detector, Nest Learning Thermostat – 2nd Generation, and Invidyo Easy Monitor.
Analysts predict, the most innovative and intuitive products will win the race in the coming years. Manufacturers will have to focus on making the devices compatible with multiple phone software to allow users the convenience of automation.