The Ever Increasing Dynamics of Smart Home Automation
Many rising and developed economies have already witnessed the benefits smart home automation offers. The concept is no longer an avenue that needs to be explored by them in the modern times of today. Home automation offers various advantages such as connectivity, security, safety, and convenience that the developed countries have already witnessed. The key markets of the products of smart home automation are the Middle East, Africa, South America, North America, and Europe. The Asia Pacific region meanwhile has a very large potential for such developments in the coming years and even currently. The Asia Pacific region is characterized by an immensely growing population where the millennials have already started to take interest in the technologies the home automation products offer. Though the disposable incomes in the Asia Pacific region are within bounds yet the demand in the region is growing immensely. The status quo of the Asia Pacific region (Pakistan, India, Japan, China, ASEAN, New Zealand, and Australia) is already under dynamics that can significantly change over the years.
Advancements in Smart Home Automation Around the World
There are many opportunities for the growth of smart home automation products in the APAC countries like Japan, India, Pakistan, and China. When we talk about the United States, the smart home automation market is expected to achieve a sizable market of 135.3 Billion USD by the end of 2025. Currently, the industry has achieved a target of 78.3 Billion USD as of 2020. When considering the CAGR (Compound Annual Growth Rate), the industry is set to grow by 11.6% in the period that has been forecasted. In addition, when we talk about the home automation market in North America, it has proved to be a major contributor to the global smart home market in 2020. In addition, the mounting implementation of lighting control, smart kitchen, and HVAC control is further the driver of growth in the smart home marketplace in the US.
Drivers of Smart Home Automation
The Internet of Things (IoT) over the years has gained popularity where the benefits of its adoption are considered. It provides a smooth flow of information and in addition helps in making real-time decisions in hardly seconds. Many businesses today are investing in the IoT enabled industry, most businesses have by far turned towards smart automation. The growth of the automation market is marked by consumer preferences towards voice-assisted technologies such as Alexa and security systems. The penetration of the internet has increased over the years in addition to the usage of smartphones today.
The APAC Market Today
The smart automation market is expected to grow at a rate higher than the forecasted values that have been discussed above. Various factors are responsible for such a trend like peaking economic growth, increased population, and rapid urbanization.