PUBLISHER: The Business Research Company | PRODUCT CODE: 1619434
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619434
Artificial intelligence (AI) in home automation involves integrating AI technologies into smart home systems to create a more intelligent, responsive, and efficient living environment. AI enhances home automation by enabling devices to learn from user behavior, adapt to preferences, and make autonomous decisions. For instance, AI can suggest adjustments to thermostat settings for optimal comfort and energy efficiency.
The main components of AI in home automation include hardware, software, and services. Hardware refers to the physical devices and equipment used to control and manage home automation systems, interacting with AI systems to automate tasks and improve home management. The technology types include machine learning (ML), natural language processing (NLP), computer vision, and others. These technologies support various applications such as voice assistants, security and surveillance, energy management, predictive maintenance, and more.
The artificial intelligence (AI) in home automation market research report is one of a series of new reports from the business research company that provides artificial intelligence (AI) in home automation market statistics, including artificial intelligence (AI) in home automation industry global market size, regional shares, competitors with an artificial intelligence (AI) in home automation market share, detailed artificial intelligence (AI) in home automation market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in home automation industry. This artificial intelligence (AI) in home automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The artificial intelligence (AI) in home automation market size has grown exponentially in recent years. It will grow from $15.84 billion in 2023 to $20.52 billion in 2024 at a compound annual growth rate (CAGR) of 29.5%. The growth during the historic period can be attributed to rising consumer demand for convenience, improved connectivity, cost reductions, energy efficiency, and increased adoption of smart devices.
The artificial intelligence (AI) in home automation market size is expected to see exponential growth in the next few years. It will grow to $57.99 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%. The anticipated growth during the forecast period can be attributed to factors such as rising consumer awareness, increased focus on energy efficiency, expansion of 5G networks, government incentives and regulations, and the growth of smart city projects. Key trends expected during this period include the integration of AI and IoT, advancements in voice-activated and natural language processing technologies, enhanced security and privacy features, technological integration, and improvements in personalization and customization.
The growing adoption of smart home devices is set to drive the expansion of AI in home automation. Smart home devices are interconnected gadgets that automate and manage various home functions, including lighting, temperature, and security, through remote access and advanced technology. This rise is fueled by increasing consumer demand for convenience, energy efficiency, and enhanced security, along with advancements in technology and reduced costs. AI enhances home automation by providing more personalized, intuitive, and efficient control through advanced machine learning and predictive analytics. For example, a report from techUK in November 2022 highlighted that 77% of UK adults were expected to own at least one connected home device, up from 67% before the pandemic and a 1% increase since 2021. Additionally, the proportion of 'advanced adopters'-those with more than three connected devices-rose to 26% from 24% in 2021. This trend underscores the increasing adoption of smart home devices and the corresponding growth potential for AI in home automation.
Key players in the AI home automation market are incorporating generative AI into consumer technology to enhance personalization. For instance, in November 2023, Google LLC, a US-based technology company, introduced "Help Me Script," a generative AI feature within its script editor. This tool allows users to create customized automation scripts using natural language prompts, making advanced home automation accessible to those without coding skills. The feature aims to provide users with greater customization options, including AI-driven automation that responds to camera events, enhancing the proactivity and responsiveness of smart homes.
In July 2024, LG Electronics Inc. acquired Athom B.V. for an undisclosed amount to strengthen its position in the smart home automation market. This acquisition will integrate Athom B.V.'s advanced home control technologies into LG's offerings, helping develop an AI-driven smart home ecosystem. This will enable customers to manage appliances and IoT devices more effectively and create highly personalized home environments. Athom B.V. is a Netherlands-based company specializing in AI-driven smart home automation solutions and innovative home control systems.
Major companies operating in the artificial intelligence (AI) in home automation market are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Siemens AG, Intel Corporation., International Business Machines Corporation, LG Corporation, Panasonic Corporation, Xiaomi Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Nvidia Corporation., Johnson Controls International PLC, Legrand, ADT Inc., Vivint Smart Home Inc., iRobot Corporation, Sansiri PLC, Control4 Corporation, Qualisys AB, Mycroft AIInc., Josh.ai
North America was the largest region in the artificial intelligence (AI) in home automation market in 2023. The regions covered in the artificial intelligence (AI) in home automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the artificial intelligence (AI) in home automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The artificial intelligence (AI) in home automation market consists of revenues earned by entities by providing services such as software solutions, cloud-based services, and support. The market value includes the value of related goods sold by the service provider or included within the service offering. artificial intelligence (AI) in home automation market also includes sales of smart speakers, thermostats, and security systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Artificial intelligence (AI) In Home Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on artificial intelligence (AI) in home automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for artificial intelligence (AI) in home automation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The artificial intelligence (AI) in home automation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.