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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

Metabolon Now Includes Spectral Data Files for All Global Discovery Panel Projects

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MORRISVILLE, N.C., May 28, 2024 /PRNewswire/ — Metabolon, Inc., the global leader in providing metabolomics solutions advancing a wide variety of life science research, diagnostic, therapeutic development, and precision medicine applications, today announced the availability of spectral data files as an option for Global Discovery Panel projects, providing clients with an enhanced level of detail and transparency in metabolomics analysis. The addition of spectral data further complements Metabolon’s robust suite of metabolomics offerings, including the largest Level 1 library of metabolites, an advanced bioinformatics platform, and expert scientific support.

Spectral data is the initial data generated during a mass spectrometry (MS)- based metabolomic analysis. Spectral data contains a wealth of information about the metabolites present in a sample, including their chemical structure, concentration, and interactions with other molecules. Metabolon facilitates further exploration of the dark metabolome and validation of findings by offering spectral data files as an option with Global Discovery Panel projects. These data should enable the discovery of unique metabolites and biomarkers.
“The availability of spectral data enhancement not only provides clients with a more comprehensive view of their metabolomics data but also reinforces our commitment to transparency and delivering unparalleled value to our clients,” said Ro Hastie, CEO at Metabolon.
This significant update underscores Metabolon’s commitment to providing comprehensive and actionable insights to empower scientific discoveries and drive advancements in healthcare and multiomics research. Visit https://www.metabolon.com/ to learn more about how Metabolon deciphers thousands of discrete chemical signals to discover biomarkers and reveal biological pathways.
About Metabolon Metabolon, Inc. is the global leader in metabolomics, with a mission to deliver biochemical data and insights that expand and accelerate the impact of life sciences research and complement other ‘omics’ technologies. With more than 20 years, 10,000+ projects, 3,000+ publications, and ISO 9001:2015, CLIA, and CAP certifications, Metabolon has developed industry-leading scientific, technology, and bioinformatics techniques.  Metabolon’s Global Discovery Panel is enabled by the world’s largest proprietary metabolomics reference library. Metabolon’s industry-leading data and translational science expertise help customers and partners address some of the most challenging and pressing questions in the life sciences, accelerating research and enhancing development success. The company offers scalable, customizable multiomics solutions, including metabolomics and lipidomics supporting customer needs from discovery through clinical trials and product life-cycle management. For more information, please visit www.metabolon.com and follow us on LinkedIn and Twitter.
About MetabolomicsMetabolomics, the large-scale study of all small molecules in a biological system, is the only ‘omics technology that provides a complete current-state functional readout of a biological system. Metabolomics helps researchers see beyond the genetic variation of individuals, capturing the combined impact of genetic as well as external factors such as the effect of drugs, diet, lifestyle, and the microbiome on human health. By measuring thousands of discrete chemical signals that form biological pathways in the body, metabolomics can reveal important biomarkers enabling a better understanding of a drug’s mechanism of action, pharmacodynamics, and safety profile, as well as individual responses to therapy.
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Caseware Introduces AiDA: The AI-Powered Digital Assistant Changing the Face of Accounting and Audit

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TORONTO, May 28, 2024 /PRNewswire/ — Caseware International, a global leader in cloud-enabled audit, financial reporting and data analytics solutions, is delighted to announce the pre-launch availability of Caseware AiDA, its Artificial Intelligence digital assistant. As the latest enhancement to the industry-leading Caseware Cloud platform, AiDA complements Caseware’s comprehensive suite of solutions created with accounting, audit and finance professionals in mind.

AiDA is designed to enhance efficiency, ensure compliance and provide precise, context-aware responses to profession-specific enquiries enabling accounting, audit and finance experts to work more efficiently, collaborate with greater effectiveness and gain deeper insights.
Whether providing timely responses to methodology or compliance questions, supporting the processing and analysis of audit evidence, or assisting with the production of key audit workpapers and deliverables, AiDA empowers professional users to achieve more with less effort. This will, in turn, drive practice growth and power the financial success of clients.
David Osborne, Chief Executive Officer at Caseware International remarked, “Caseware AiDA is the future. Our vision is to place powerful tools in the hands of our clients, enabling them to do their work better than they have ever done before. This release is just the beginning of a wave of innovation in AI and it demonstrates the focus we have on our accelerated roadmap to build out our offering on the Caseware Cloud platform. Caseware AiDA offers powerful digital assistance to accountants and is further proof of the ways in which Caseware is underpinning the relevance of the profession.”
Some of the benefits to be gained from Caseware AiDA include:
Enhanced workflow efficiency with precision and relevance – whether summarizing lengthy PDFs or providing informed answers about your documentation in the moment, AiDA helps you work smarter, not harder.Reassurance around security and compliance – with AiDA, no prompts are stored or fed back into the model. Users can trust AiDA to maintain the highest data security and compliance standards that Caseware has always delivered for the profession.Assistance with routine tasks – AiDA assists with mundane tasks, enabling professionals to focus on strategic decision-making.Focus on quality output – AiDA delivers a safe and fit-for-purpose resource which ensures efficient workflows for clients.Feedback on AiDA has underscored the demand for tailored, secure AI solutions in professional environments. Danielle Supkis Cheek, VP, Head of Analytics and AI at Caseware International commented, “We recently showcased AiDA to a number of clients beyond our beta phase community at Caseware’s 2024 North American User Group. The response was phenomenal and, in line with our roadmap, we’re excited to continue to enhance AiDA based on user feedback and technological advancements.”
Currently available to Caseware Cloud customers in the United States for early access, AiDA will ultimately be available across the globe and, specifically, in Australia, Canada and Europe later this year. Soon, AiDA will be a core component of all cloud-enabled solutions, across all regions. AiDA’s capabilities are constantly evolving, including better context awareness in document interactions and more extensive support for multilingual queries. AiDA is set to transform how professionals in the accounting and audit fields manage their tasks, offering unparalleled support and efficiency.
Caseware AiDA (pronounced AY-duh) draws inspiration from Ada Lovelace, whose impact on scientific computing continues to influence generations of technologists and mathematicians around the world.
Caseware encourages users to explore AiDA’s features and experience the future of digital assistance. To see AiDA in action, join us at ENGAGE at the ARIA Resort & Casino from June 3-6 or sign up to hear more from Danielle Supkis Cheek at the Streamlining Audits with AI: Efficiency and Quality Gains webinar taking place at 11:00 AM ET on July, 18.
About Caseware InternationalCaseware is the leading global provider of desktop and cloud-enabled solutions for audit, assurance, financial reporting and data analytics for accounting firms, corporations, and government regulators. Caseware’s innovative tools and platforms help more than half a million customers in 130 countries work smarter, dig deeper and see further as they transform insights into impact. For more information, visit www.caseware.com.
 
Notes to editorsIn the event of media enquiries, please contact:Jill QuinnDirector of Corporate CommunicationsCaseware [email protected]
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LONGi announces the “Lighthouse Project” to expand the agile intelligent manufacturing to more of its own production bases across the globe

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JIAXING, China, May 28, 2024 /PRNewswire/ — On May 23rd, LONGi Green Energy Technology Co., Ltd. (hereinafter referred to as “LONGi “), a global leader in solar technology, officially announced the “Lighthouse Project”, which will continue to rapidly expand the agile intelligent manufacturing model of LONGi’s Jiaxing Lighthouse Factory to more production and manufacturing bases, achieving a comprehensive upgrade of production intelligent manufacturing capabilities. This sets a digitalization benchmark for high-quality development in the PV industry and leads the way forward.

The first “Lighthouse Factory” in the global PV industry – LONGi’s Jiaxing Production Base, lifted the mysterious veil for the public. An experience group composed of industry experts, customer representatives, and media journalists became the first visitors to LONGi’s Jiaxing Lighthouse Factory, immersing themselves in the production line and experiencing the charm of “Lighthouse Factory” intelligent manufacturing.
Established in 2020, LONGi’s Jiaxing Production Base mainly produces LONGi’s BC (Back-Contact) series of high-efficiency solar modules. It has Phase I, II, and III factories, covering a total area of more than 1,300 acres, with 51 intelligent production lines and an overall module production capacity exceeding 35GW, making it one of the largest industrial clusters in the industry.
On December 14, 2023, the World Economic Forum (WEF) released a new batch of “Lighthouse Network” lists, and LONGi’s Jiaxing Production Base was the only factory in the global PV industry to be included. This signifies that LONGi’s achievements in intelligent manufacturing and digitalization are leading globally, becoming a representative of advanced manufacturing, and the first global “Lighthouse Factory” in the PV industry has attracted much attention.
During this close-up experience at LONGi’s Jiaxing Lighthouse Factory, all members of the experience group expressed their shock and unprecedentedly felt the disruptive upgrade of AI intelligence to traditional industry. The innovation of LONGi’s Jiaxing Lighthouse Factory is not only in the transformation of production line automation and intelligence but also in the reconstruction of production relations. AI intelligence has become the brain of production management, continuously innovating autonomously based on big data models, achieving a truly meaningful intelligent manufacturing upgrade and self-driving force, and safeguarding quality and efficiency.
LONGi’s Jiaxing Lighthouse Factory has built over 30 digital use cases, achieving a 43% increase in product quality reliability, an 84% reduction in product production and delivery cycle, and a 20% reduction in overall unit energy consumption at the base, becoming a model of high-quality development in the photovoltaic industry.
The most core aspect of LONGi’s Jiaxing Lighthouse Factory is the five major coolest technologies. AI intelligent distribution of solar cells realizes precise delivery of customer needs, ensuring efficient production by intelligently optimizing daily production plans. More flexible automation in production ensures the standardization of each link in the module production process, fully meeting the customized scene requirements of customers. AI quality inspection throughout the entire life cycle of product production leaves no place for quality hazards, ensuring the quality of the product is as solid as a rock. The end-to-end delivery system has reconstructed the intelligent management of order production and delivery cycles, achieving rapid and high-quality satisfaction of customer product needs. Intelligent human resource management has greatly improved production efficiency while enhancing the innovation of employees, transforming each excellent skill and experience into data, continuously optimizing skills and management autonomously, ensuring the optimal arrangement of order demands and human resources, and effectively guaranteeing high-quality product output.
The combination of artificial intelligence, big data, cloud platforms, and industrial muscles is the four elements that make LONGi’s Jiaxing Lighthouse Factory successful, and also the core of LONGi’s intelligent manufacturing. LONGi’s BC (Back-Contact) full-scene products have also reached a new level under the support of LONGi’s intelligent manufacturing. The reason why TaiRay silicon wafers, HPBC2.0, Hi-MO 9, Hi-MO X6 Max, and other major products have concentrated on explosions this year is due to LONGi’s intelligent manufacturing’s absolute satisfaction in understanding customer needs.
LONGi’s Vice President Zhang Haimeng said in his keynote speech: Since the official announcement of BC (Back-Contact) technology last September, LONGi has released multiple new scene-based module products. Whether it is anti-dust accumulation or heat and humidity resistance, the core purpose is to meet the customized needs of customers through differentiated innovation. All of this is inseparable from the confidence in production strength brought by LONGi’s intelligent manufacturing, and it is also the strong support of LONGi’s intelligent manufacturing that has truly implemented “customer-centric.”
During the panel session of the day, Hu Zhifeng, Head of Intelligent Manufacturing Department, Module Manufacturing Center of LONGi, revealed that the newly launched Hi-MO X6 Max modules will be officially put into production at LONGi’s Jiaxing Lighthouse Factory in the near future. With the help of digital and intelligent means, product quality is improved, and energy consumption is reduced. “Use the most advanced production technology to achieve the highest level of technical products and create higher value for customers.”
LONGi has always adhered to the core value of customer value, providing customers with high-value and reliable products as its own responsibility, continuously exploring new paths for the clean energy industry, from efficiency research and development to product and solution scenario, from traditional manufacturing to intelligent manufacturing driven by digitalization, step by step towards a green energy world, leading the global energy transition with LONGi’s intelligent manufacturing.
About LONGi
Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.
Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com 
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