The home automation market is set to double in value in the next five years with a predicted boost to over $35 billion globally by 2016.
The global home automation and control systems market is estimated to expand from nearly $17 billion globally this year to over $35 billion in 2016 on the back of the growing need for energy efficiency, improved security, rising venture capital funding and the demand for convenience from consumers, according to the ‘Global Home Automation and Control Systems Market by Products and Technologies (2011-2016)’.
Entertainment currently dominates the global automation market, though control systems for communication and outdoor control are set to grow relatively higher over the coming years.
A separate report published by companiesandmarkets.com goes on to say that the market is looking healthy as companies positively latch onto cost and carbon reduction opportunities, but forecasts lacking awareness of surrounding available technologies as a threat to future market growth.
Energy conservation is emphasised in the report, while safety and convenience are tipped as vehicles for current growth in the automation sector.