Research and Markets has announced the addition of the "Global Home Automation System Market 2015-2019" report to their offering.
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The Global Home Automation market to grow at a CAGR of 56.75% over the period 2014-2019
The Global Home Automation market can be segmented into four product segments: HVAC Control System, Security and Access Control System, Lighting Control System, and Others.
One of the major trends in this market is the increase in the adoption of wireless residential building automation systems. Currently, several vendors offer wireless building automation systems for residential buildings that increase comfort levels and also reduce energy consumption.
According to the report, one of the major drivers of the market is the need to optimize energy consumption. The increased consumption of energy in residential buildings is forcing customers to install automation systems to save energy and reduce energy bills.
Further, the report states that a major challenge in the market is the high initial investment. The high price of home automation systems along with high installation and maintenance costs are barriers to the growth of the market.