According to ABI Research, smart home automation is set to become more and more popular and will see global revenues grow at a rate of 21% CAGR between now and 2020. And while North America still accounts for the largest segment of the global smart home automation market with 46%, the Asia-Pacific region is not too far behind with Asia alone accounting for 19% of global smart home industry revenues. This represents somewhere in the region of $9 billion, proof that Asia is a major player when it comes to smart home technology.
Security Started Smart Home Automation
Smart home automation was initially popular primarily for its increased security, but the demand for a wide variety of different smart home products has created a massively popular market.
“Smart home automation system revenue was primarily driven by mass consumer adoption of smart home security systems but the market is also witnessing strong revenue growth from the adoption of smart plugs and smoke and air quality monitors,” says Senior Analyst Adarsh Krishnan.
Smart Home Automation in Asia
Different continents and even different countries will have different needs from smart home technology depending on their societies and environment. While North America and Western Europe are still seeing increased adoption of security cameras and embedded motion sensors, in the hopes of better monitoring both indoor and outdoor activity, many Asian countries such as Thailand, Malaysia, Singapore and China have a greater focus on air quality and environmental sensors.
According to research carried out by M&M, the growth of the smart home automation market in Asia will be due to a few key economic and demographic fundamentals:
- rapid growth in population and urbanization,
- the development of new cities and economic zones,
- the rise of a wealthy Asian middle class.
The growing middle class in Asia and the rise in income and wages across the region looks to be significant enough to sustain the industry’s growth for the foreseeable future. These strong fundamentals are in turn spawning a rapidly growing market that industry experts divide into seven major segments:
- security controls,
- access controls,
- lighting controls,
- entertainment systems,
- energy management systems,
- home health care systems,
- heating-ventilation-air conditioning (HVAC) controls.
Find out more about Smart Home Automation
As experts in their field, iHome have been providing smart home technology solutions within Thailand, Malaysia and Singapore for the past decade.