Thereport "Home AutomationSystem Market with COVID-19 Impact Analysis, By Management,Product (Lighting Control, Security & Access Control, HVAC Control,Entertainment & Other Controls), Software & Algorithm, and Region - Global Forecast to 2025", is projected to grow from USD40.8 billion in 2020 to USD 63.2 billion by 2025; it is expected to grow at a CAGR of 9.1% during the forecast period. Owing to COVID-19, the home automation system market is estimated to face headwinds for 2019–2020.
Asmillennials account for the majority of new home buyers, growing homeownershipis one of the major factors driving the adoption of home automation systems. Insurance companies offering attractive discounts to house owners having inbuilt access control and security systems is expected to help consumers to save on house insurance premiums and cover the cost of adopting home security systems for residential applications. The development and implementation of IoT technology in home automation systems is expected to act as a growth opportunity for the market.
Browse 121 marketdata Tables and 72 Figures spread through 233 Pages and in-depth TOCon "Home AutomationSystem Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region - Global Forecast to 2025"
Impactof COVID-19 on current home automation system market size and forecast
Theemergence of the COVID-19 pandemic, a deadly respiratory disease thatoriginated in China, is now become a worldwide issue and has also affected the home automation market. Most home automation system manufacturers have been affected by this crisis, which is expected to be a medium-term impact. For instance, Resideo (US), a leading provider of home automation solutions, announced a consolidated revenue for Q2 2020, which declined by 17% as compared to the revenue in 2019 during the same period.
TheCOVID-19 pandemic will have a varying impact on different types of homeautomation systems. Market players have witnessed a reduction in home automation installations. As the installation and programming of home automation systems require professional on-site workers, buyers are reluctant to install these systems to minimize outside contact during this time. As a result, some players have recorded a decline in sales, while DIY home automation companies have been affected to a lesser extent.
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