International. The global residential automation market was valued at $4.41 billion in 2014, and is projected to grow at a compound annual growth rate (CAGR) of 26.3% from 2014 to 2020, reaching $21.6 billion in 2020, according to a report by Transparency Market Research.
A key factor for the global home automation market is the desire to obtain higher performance solutions in the areas of security, energy, lighting, entertainment and HVAC. This market is also being supported by the increasing penetration of the Internet. The security segment has been gaining the highest revenue so far in the global home automation market. In the coming years, the energy-conscious population, looking for better energy management solutions, are expected to opt for automated applications. In addition, the increased use of smartphones, tablets and other handheld devices are also adding to the convenience of home automation app.
The market research report indicates that North America leads this kind of market and is likely to remain in this position until 2020. Adoption of new technologies and consumer awareness will be the two most important factors driving the home automation market in North America. This segment will be followed by Asia-Pacific and Europe as together they represent 40% of the total home automation market.
