Published on : Apr 03, 2017
Albany, New York, April 03, 2017: ResearchMoz.us has announced the addition of a new report, titled, “Home Automation: Patent, Business Opportunity, and Brand Strength Analysis,” to its repository. It forecasts the market size, after analyzing the present and past market figures and state. The drivers, restraints, trends, and opportunities are analyzed. The report segments the global home automation market on the basis of key criteria and also mentions the leading, declining, and fastest growing segment. The competitive landscape for the global home automation market is also given. This enables investors, new entrants and established ones to invest carefully and sensibly, thus making profitable decisions.
According to the report, the global home automation market is mainly driven by their high adoption, which is as a result of the benefits they offer, such as safety, comfort, increased security, and most importantly, energy efficiency. The growing awareness among people regarding energy conservation is one of the key factors boosting the global home automation market. Growing internet connectivity with mobile devices is another factor driving the growth of the market. The market is witnessing the entrance of several new players and this is resulting into end users being offered competitive pricing, which is furthering the demand for home automation. Analysts state that there is an increase in the number of residential projects and this is creating opportunities of growth in the market. The demand for remote home monitoring is growing and this is also pushing the market’s growth.
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While the home automation industry is thriving across the world, it does however face some challenges such as a lack of technical know-how, need for specialized software to manage home automation services, short battery life, a lack of consumer awareness. Another major factor which is restraining the adoption of home automation systems is the high cost of these systems. The perceived health and security risks are also some of the growth inhibitors, deterring the adoption of home automation systems.
On the basis of geography, the market can be segmented into Europe, Asia Pacific, North America, and the Rest of the World. Of these, North America is leading, trailed by Europe. Asia Pacific is emerging as a lucrative market for home automation.
The report profiles key players in the global home automation market. Some of them are Google, Samsung, Microsoft, Sony, and Honeywell. The report investigates the strategies adopted by these players. The recent developments by players and information regarding their mergers and acquisitions, collaborations, and partnerships are given. Also included are the challenges faced by these vendors and steps taken to overcome these challenges. Such thorough analysis of key players in the market help new entrants as well as those established to make profitable decisions regarding investments in the home automation market.
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