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Home Automation Market Size to Worth Around USD 788.33 BN by 2032

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Ottawa, May 15, 2023 (GLOBE NEWSWIRE) — The global home automation market is poised to grow at a CAGR of 27.93% from 2023 to 2032. The home automation market is projected to continue growing in the coming years, driven by factors such as increasing consumer demand, advancements in technology, and the expansion of the Internet of Things (IoT) ecosystem. However, factors such as interoperability challenges, privacy and security concerns, and cost considerations may also impact the growth and adoption of home automation technologies. The market is expected to see continued innovation and evolution as technology continues to advance and consumer needs and preferences evolve.

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Home automation refers to the use of technology and automation systems to control and manage various aspects of a home, typically using smart devices and interconnected systems. Home automation allows homeowners to remotely control and automate tasks such as lighting, temperature, security, entertainment, and appliances in their homes, typically through a central hub or a mobile app. Home automation can offer convenience, energy efficiency, safety, and comfort benefits and enhance the accessibility of a home for individuals with disabilities or special needs. Home automation technologies typically rely on wired or wireless connections and may utilize technologies such as Wi-Fi, Bluetooth, Zigbee, Z-Wave, or other protocols to communicate and integrate different devices and systems together.

Regional snapshot:

North America holds the largest share of the global home automation market. The North American home automation market has experienced significant growth in recent years, driven by factors such as increasing consumer demand for convenience, comfort, energy efficiency, and home security. Advancements in technology, such as the Internet of Things (IoT), artificial intelligence (AI), and voice recognition, have also played a significant role in enabling more sophisticated and seamless home automation solutions.

Asia Pacific is observed as a rapidly growing region in the home automation market; the rising technological advancements, increasing demand for energy-efficient solutions in commercial and residential sectors, along with growing construction activities are observed to fuel the market’s growth during the projected timeframe.

Latin America is another emerging marketplace for the home automation industry, with countries like Brazil and Mexico showing increasing adoption of smart home technologies. Factors such as improving economic conditions, rising disposable incomes, and increasing urbanization are driving the demand for home automation in this region. The market is characterized by the adoption of smart lighting, home security systems, and entertainment systems, as well as government initiatives to promote energy efficiency and sustainability.

Report Highlights:

  • By application, the safety and security segment acquires the highest revenue share of the home automation market. The technological advancements in home automation systems for safety and security applications supplement the segment’s growth. Such improvements in home automation offer various safety and security applications, including smart security systems, remote access, and monitoring, automation of security features, integration with other safety devices, video surveillance, smart access control, enhanced user authentication, and emergency alerts and notifications.
  • By end-user, the residential segment of the market held the largest share in 2022; the segment will show a significant increase during the projected timeframe. Home automation has become a popular selling point in the real estate market, with many homebuyers looking for homes equipped with smart home technologies. On the other hand, the rising demand for automated security solutions is expected to boost the growth of the commercial segment.  
  • By technology, the wireless technology of home automation is expected to maintain its dominance during the forecast period, and the rising number of retrofitting of residential buildings is considered to boost the installment of wireless home automation systems in upcoming years. Wireless home automation systems are well-suited for retrofitting existing homes, as they do not require extensive wiring modifications.

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Scope of the report

Coverage Details
Market Revenue in 2032 USD 788.33 Billion
CAGR 27.93%  
By Application
  • Lighting
  • Safety & security
  • HVAC
  • Entertainment
  • Others
By Technology
  • Wired
  • Wireless
By End User
  • Residential
  • Commercial
By Region
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
Key Players ABB, ADT, Legrand, Johnson Controls, Larsen & Toubro Ltd., Samsung Electronics, Honeywell International Inc, Creston Electronics, Siemens AG, and Others

Market dynamics:

Driver:

Growing focus on home security options

Home automation technologies, such as smart door locks, smart security cameras, and smart sensors, offer advanced security features that can help protect their homes against intrusions and break-ins. These enhanced security features provided by home automation systems have driven the adoption of such technologies among homeowners concerned about home security. Home automation systems can integrate with other security systems, such as burglar alarms, smoke detectors, and carbon monoxide detectors, creating a comprehensive security ecosystem within a home. This integration allows for seamless communication and coordination among different security devices, enabling them to work together to provide enhanced security measures. Overall, the growing need for home security has been a significant driver for the home automation market, as homeowners increasingly seek ways to protect their homes and loved ones using advanced technologies that provide remote monitoring, control, integration with other security systems, and potential insurance benefits.

Market Restraint:

High initial investment

The initial investment costs associated with implementing home automation systems can be relatively high, including the costs of smart devices, hubs or controllers, installation, and integration. This can be a barrier for people who may have a limited financial budget or financial constraints. The perceived high costs of home automation systems may discourage some potential customers from adopting or investing in these technologies, leading to slower market adoption. Home automation systems may have different price points depending on the features, functionality, and brand. Some consumers may be price-sensitive and opt for lower-cost or budget-friendly options with limited features or capabilities. The perceived high costs of premium home automation systems may deter price-sensitive consumers from adopting these technologies, limiting the market growth among specific customer segments, which acts a significant restraint for the market’s growth.

Market Opportunity:

Deployment of voice assistant home security system

Home automation solutions that can seamlessly integrate with voice assistant home security systems are well-positioned to capitalize on the growing demand for integrated smart home solutions that provide convenience, security, and interoperability for homeowners. Voice assistants, such as Amazon Alexa, Google Assistant, and Apple Siri, can be integrated with home automation systems to control and automate various smart devices in the home. This includes controlling smart lights, thermostats, smart plugs, entertainment systems, and other smart devices using voice commands. The deployment of voice assistants and home security systems has made it easier for homeowners to control and automate their home automation devices through voice commands, providing a convenient and hands-free way to manage their smart home. This has created opportunities for home automation solutions that offer seamless voice-based control and automation, making it more accessible and user-friendly for homeowners.

Market Challenge:

Technical challenges

Operation challenges associated with home automation systems can arise from technical issues, integration challenges, maintenance, support, user adoption, scalability challenges, and energy or resource management. Such technical issues are considered to challenge the market’s growth. Home automation systems often involve multiple devices, protocols, and technologies that need to work together seamlessly. However, technical challenges such as device compatibility issues, network connectivity problems, firmware updates, and software bugs can arise, affecting the smooth operation of home automation systems. These challenges can inconvenience users and impact the adoption and usage of home automation technologies. Home automation systems rely on user adoption and engagement for their successful operation. However, user adoption and behavior challenges, such as resistance to change, lack of familiarity or comfort with technology, or inconsistent usage patterns, can impact the effective operation of home automation systems.

Related Reports

  • Robotic Process Automation Market – The global robotic process automation market revenue was valued at USD 3.4 billion in 2022 and it is expanding around USD 23.9 billion by 2030with a CAGR of 27.7%.
  • Pharmacy Automation Market – The global pharmacy automation market revenue was valued at US$ 6.16 billion in 2021 and it is expanding around US$ 12.35 billion by 2030 with a CAGR of 8.04% from 2022 to 2030.
  • Distribution Automation Market – The global distribution automation market revenue was valued at USD 21.4 billion in 2021 and it is expanding around USD 41.9 billion by 2030 with a CAGR of 7.75% from 2022 to 2030.
  • Logistics Automation Market – The global logistics automation market was valued at USD 52.6 billion in 2021 and it is expanding around USD 162.5 billion by 2030 with a CAGR of 13.15% from 2022 to 2030.

Recent developments in the home automation market:

  • In March 2023, a leading IoT solution provider in India, Hikvision, announced its partnership with the 9th edition of Project Heads, Architecture, and Consultants Conclave in Kochi, Kerala, India. Under the partnership, the company showcased its latest security solutions with innovative technologies at this PACC-2023 event. The company also launched wireless intrusion alarms for home automation and security services during the event.
  • In August 2022, a globally leading IT infrastructure company, NTT Ltd, announced the launch of edge-as-as-service, a platform to monitor and manage applications at a closer edge. For this new platform, NTT has partnered with VMware in order to power NTT’s new service.
  • In May 2022, a leading brand in home furnishing and other products, IKEA launched DIRIGERA, a smart product for smart home automation. The newly developed DIRIGERA focuses on strengthening and simplifying the onboarding process of smart home devices.
  • In May 2022, a prominent IoT platform developer, Infinitely, announced the launch of a new smart home bundle specially designed for connecting with any home automation solution. Infinitely’s new smart home bundle consists of a smart doorbell, computing controller, and multiple other Wi-Fi technology.

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Artificial Intelligence

Greater efforts urged on sci-tech cooperation

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BEIJING, April 26, 2024 /PRNewswire/ — A news report from China Daily:

Greater efforts are needed to strengthen international cooperation in science and technology, explore ways of jointly solving important global issues through technological innovation, and develop new quality productive forces, said officials, experts and company executives on Thursday in Beijing.
Addressing the opening ceremony of the 2024 Zhongguancun Forum, Vice-Premier Ding Xue­xiang said China is willing to work with the international community to practice the concept of open, fair, just and nondiscriminatory international sci-tech cooperation, and to jointly build a global sci-tech community.
The country will explore a new model regarding mutually beneficial global cooperation in sci-tech innovation, and will break down barriers restricting the flow of knowledge, technology, talent and other innovative factors, to jointly create an open innovation ecosystem.
Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, said the capital will ramp up efforts to improve its innovation capacities, accelerate the building of world-leading science and technology parks, increase investment in basic research and make breakthroughs in core technologies in key fields.
Data from the Ministry of Science and Technology showed that China’s research and development investment exceeded 3.3 trillion yuan ($455.4 billion) in 2023, up 8.1 percent year-on-year, and the spending on fundamental research reached 221.2 billion yuan, an increase of 9.3 percent over the previous year.
China’s strength in scientific and technological innovation has taken a major leap in recent years. Marco Aleman, assistant director-general of the World Intellectual Property Organization, said China is a powerhouse of innovation that contributes to global growth and sustainable development.
According to WIPO, the country stands as a global innovation leader, ranking 12th in the Global Innovation Index 2023, and it owned 24 of the top 100 science and technology clusters globally by the end of last year, ranking first in the world for the first time.
Quarraisha Abdool Karim, president of the World Academy of Sciences, said ensuring a sustainable future through partnership and cooperation creates an opportunity for all participants to explore new pathways toward achieving the United Nations’ Sustainable Development Goals.
Lei Jun, founder and CEO of Chinese tech company Xiaomi Corp, said the company will continue to step up investment in R&D and strive for breakthroughs in core technologies.
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Artificial Intelligence

Web O.No: Metaverse and Web 3.0 stunted by internet chaos, warn 87% of business leaders

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Forrit report uncovers the internet is at breaking point, thanks to open source vulnerabilities, siloed web management systems, and poor website governance.
LONDON, April 26, 2024 /PRNewswire/ — A new study launched by Forrit, the next-generation, global content management system (CMS) provider, reveals that 89% of senior marketers and tech leaders are optimistic that Web 3.0 and the metaverse have the potential to revolutionise the way we interact with the web. However, the report, titled Web O.No: your business’ bleak online future and how to avoid it uncovered that 87% believe the current state of the internet will stunt these innovations – and none of the respondents have websites that are currently equipped for this transformative new internet era.

As we near the 31st anniversary of the World Wide Web’s entry into the public domain, UK business decision-makers unanimously agreed that “the Internet today is a mess,” citing security flaws, vulnerabilities with open source web management systems, ungoverned websites, and multiple layers of legacy CMS systems.
Despite the report focusing on heavily regulated industries, financial services, utilities, and the legal sector, over half of the respondents (57%) revealed they have website security flaws. They also admitted customers would lose trust if they were exposed. Security vulnerabilities were most prevalent among those who run their websites on open source solutions, rising to 79% in this group. Expert respondents underscored the specific risk of open source plug-ins. Created by multiple third-party developers, they leave websites open to malicious compromise.
Beyond cyber-attacks, the report highlights the heightened risk of outages, dysfunctional interfaces, and hazardous content hidden within neglected pages of reputable websites. The latter is a risk for those operating multiple website management (CMS) systems – a common practice among the participants. Shockingly 44% admitted they don’t have control of the website content as a direct result of this practice.
With the internet spiralling out of control, Forrit labels this chaotic online future Web O.No.
Peter Proud, CEO and Founder, Forrit, explains the role of composable CMS platforms in putting the brakes on this doomsday scenario, “Forget Web 3.0, we’re heading towards Web O.No – a grim reality of an internet unfit for purpose unless we act now. It’s time to stop layering on outdated, vulnerable web management systems, which exacerbate the problem. Embracing a next-generation composable web management platform would introduce a new era of security, flexibility, and scalability for the internet, empowering businesses to embrace the future.”
The respondents reinforced this sentiment, with 89% asserting that composable architecture would empower their organisation to future-proof their digital infrastructure. This includes granting them the flexibility to adopt AI into the website—a capability that is inhibited by their current web management system, according to 72% of respondents.
Gary Roberts, CRO, Forrit, underscores this significance: “Your website management platform (CMS) should be an enabler of digital innovation, not a barrier. Embracing composable web architecture removes the current barriers, providing a clear pathway to the future – whether that’s the metaverse, Web 3.0, or any other pioneering tech advancement as yet undiscovered.”
Click here to download Forrit’s report – Web O.No: your business’ bleak online future and how to avoid it.
About ForritUK-based, global content management system provider, Forrit, has been helping large businesses in highly-regulated industries keep their web estate secure, simple-to-scale and easy-to-manage, for the last 10 years.
Our mission? To allow IT and marketing to manage their digital estate in perfect harmony. Through Forrit’s intuitive UI, low code CMS and content management configuration platform (Service Delivery Hub), the CMO and CTO can take joint control of their web estate.
An Azure-native solution, through which businesses can leverage any and all Azure Cloud Services, including AI-powered translation and automated migration, Forrit CMS is future proof and can be scaled or de-scaled as needed.
Sound technical? Not at all. Forrit’s platform requires no prior Azure knowledge or technical expertise to get everything needed from it. The plus to this, the strain is taken off the IT team, and the marketing team can create unrivalled digital experiences and manage content with ease.
With enterprise-grade security to top it off, Forrit’s cloud-native CMS helps businesses simplify their workflows, streamline their marketing efforts and scale at speed, securely.
About the researchCensuswide conducted the research with 505 UK IT and marketing decision-makers between 01.03.24 and 12.03.24. Censuswide abides by and employs members of the Market Research Society, which is based on the ESOMAR principles, and is a member of The British Polling Council.
 
 

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Artificial Intelligence

Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch

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PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.

“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/identity-governance-administration
“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
Related Reports:
Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
To learn more, visit 360iresearch.com or follow us on LinkedIn, Twitter, and Facebook.
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