Home automation market will hit $116.26 billion by 2026
Transparency Market Research (TMR) has released a new report that forecasts major growth for the home automation market. The report predicts that the market will hit $116.26 billion by 2026, with a CAGR of 6.8 percent over the forecast period.
The $116 billion figure represents a substantial readjustment of a previous $64.67 billion market prediction from 2017. TMR credits the rise of IoT technology and the demand for energy efficient products for the more robust estimate, noting that consumers have been changing their habits to take advantage of new smart technologies like Honeywell’s smart wiring devices that are currently available in India.
According to the report, the high cost of smart home installation could cool the market in the short term, but growth is expected to pick up as companies invest in R&D and the price of components continues to drop. The market itself includes a variety of products and services, ranging from lighting to security to home entertainment. It also includes access control, with a 2017 TMR report noting that a growing number of digital door locks now incorporate biometric tech.
TMR recently released a separate report projecting that the Identity-as-a-Service market would climb above $26 billion by 2027 as authentication and document reading technology becomes more popular.