Hardware segment is anticipated to dominate the component market
Rapid advancement in home automation system with technology application to add value to the provision of urban services requires authorization for sustainable development of new technologies . This may include the integration of software , hardware , and service that would improve the operational & competitive environment for home automation system . The service segment is projected to witness a substantial growth owing to growing adoption of home automation technology .
Based on application , the market has been sub-divided into lighting , security , smart kitchen , entertainment , HVAC , and energy management . The entertainment segment is expected to dominate the market over the forecast period . The smart kitchen segment is estimated to witness substantial growth owing to the high demand for smart appliances .
North America holds largest share in overall market
North America region is projected to contribute significantly over the forecast period owing to entrenched manufacturers along with large consumer base . The North America , Asia Pacific , and Europe regions are estimated to remain the crucial revenue generating regions over the forecast period .
The Asia Pacific region is undergoing a healthy growth owing to macroeconomic stimulus . Innovative technologies such as voice controlled smart home devices , and increasing geriatric population base are the major factors driving the regional home automation market . Europe market is anticipated to witness a promising growth owing to cumulative investments in infrastructure for rising standard of living . Additionally , growing demand for HVAC & energy management has spurring the regional growth .
Prominent players of the market are Electronic Control Corporation , ABB Ltd ., Crestron Electronics Inc ., Ingersoll-Rand PLC , Siemens AG , Honeywell International Inc ., Legrand SA , Johnson Controls , Lutron Electronics Co . Inc ., Leviton Manufacturing Company , Inc ., and . Schneider Electric . Key players are adopting strategic initiatives which include R & D activities , new product developments , and continuous upgradation of product lines for profitability through better customer relationships .
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