The growth rates shown below are from different research-backed studies discussing the global home automation market. According to one study, the global home automation market will grow at a CAGR of 12.1% during the forecasting years of 2017-2025.
An Overview of Home Automation Growth Rates
- Fortune Business Insights estimates that the global home automation market will grow at a CAGR of 12.1%, between 2017-2025, from $45.8 billion in 2017 to reach $114 billion in 2025. The increase in the adoption of IoT, especially in developed countries, and the rising disposable income in developing countries, is expected to drive the growth of the market.
- A recent study by Adroit Market Research projects that the global home automation market will grow at a CAGR of 12% from 2020 to surpass $94 billion by 2025. The advent of IoT, the proliferation of smartphones worldwide, and the increasing energy costs are foreseen to drive a growth rate of double digits in the industry.
- On the other hand, Grandview Research estimates that the global home automation market will grow to $130 billion by 2025 from $46.15 billion in 2016. The easy access to the internet, demand for smartphones, the convenience of real-time operation, and the increasing urban population are expected to fuel the growth in the global market.
- According to Allied Market Research, the global home automation market will reach $81.65 billion in 2023, from about $39.61 billion at the end of 2016, growing at a CAGR of 11.2%. The report suggests that the increase in energy costs and awareness for efficient use, as well as technological advancements, are expected to drive the market growth.
- Allied Market Research also predicts that the safety & security systems segment, which accounted for the dominant global share in 2016, will grow at a CAGR of 11.8% during the forecast period.
- The global home automation market is expected to grow at a CAGR of 11.3% from $39.9 billion in 2016 to $79.6 billion by 2022, according to MarketsandMarkets. The growth in IoT, the awareness of cost reduction measures, and the availability of large manufacturers expanding their portfolios are anticipated to drive the global market.
- The worldwide home automation market will grow to $203.3 billion in 2026, according to Market Study Report.
- North America holds the largest share of the global home automation market and “is expected to grow at a CAGR of more than 8% from 2017 to 2025.”
- Asia-Pacific Home Automation is projected to grow at a CAGR of 14.06% between 2019 to 2025, “to become the second-largest regional market.”
- The European home automation market size is estimated to grow at a CAGR of 11.3%, from $23.2 billion in 2020 to $39.6 billion by 2025.
- The home automation market in Latin America is expected to exhibit a CAGR of 15.50% for the period 2019 to 2027.
- The home automation market in Middle East is projected to exhibit a CAGR of 28.30% for the period 2017 to 2022.