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DIY Home Automation Market Size Forecast to Reach $27.2 Billion by 2026

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DIY Home Automation Market Size Forecast to Reach $27.2 Billion by 2026

August 03
15:00 2021
DIY Home Automation Market Size Forecast to Reach $27.2 Billion by 2026

DIY Home Automation Market
Increased Customer Demand for Convenience, Connectivity, Protection and Security Driving the Growth of DIY Home Automation Market.

DIY Home Automation Market size is forecast to reach $27.2 billion by 2026, growing at a CAGR 30.4% from 2021 to 2026. The DIY Home Automation idea lets homeowners transform their home into an automated home. DIY home automation systems do not need any specialists for product installation. DIY home automation systems are designed in such a way that they are very convenient for the user to use and do not require a high degree of technical expertise.

The affordability, consistent efficiency and interoperability of DIY systems are main factors in the growth of the DIY home automation market, making it more profitable for end-users relative to other systems. The future of the DIY home automation market is promising with prospects in the commercial and household industries.

The key factors for this market are increased awareness of safety and protection, increased consumer demand for convenience and personalized experience, increased acceptance of cloud-based technology and low cost of the DIY systems. DIY Home automation is particularly being adopted in Lighting Control, wireless security cameras through network technologies with both wired and Wireless Communication technologies.

DIY Home Automation Market Segment Analysis – By Offering

The safety & security of hardware segment is expected to grow at a higher CAGR 35.6% during the forecast period. The security and access control market is expected to expand at a rapid pace as a result of growing customer demand for convenience and connectivity for safety and security. Installing a wireless security camera & access control system or lighting control systems with professionally designed systems is costly as professionals are required to install the system, long-term contracts and monthly fees need to be signed in order to keep the system running. Now, many DIY-friendly devices and sensors that work with phones and other portable devices have come into the market. These systems come with no contracts and, in many cases, no monthly fees.

DIY Home Automation Market Segment Analysis – By Distribution Channel

The DIY shop segment is expected to grow at a higher CAGR 32.7% during the forecast period. As a majority of DIY resources are online, in-store show plays a vital role in how DIY customers understand how to handle DIYs. Big-box shops have seen an increase in revenue from adopting these strategies, and these are just as valuable for small and local home improvement businesses. Most often, small businesses excel over large box stores, in terms of customer support and store-consumer relationships. 82% of all DIYers are likely to look at products in the shop, even though the final purchase is made online, and Millennial DIYers are more likely to look for the product and make the final purchase of quality items in-store, particularly for products such as paint.

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DIY Home Automation Market Segment Analysis – By Geography

North America is expected to dominate the global DIY Home Automation market with a share of more than 37.5% in 2020. The availability of the necessary skills in consumers for home improvement work is one of the main factors driving market growth. In addition, manufacturers offer smart home renovation kits to support DIY consumers. In addition, the presence of big DIY stores, along with the penetration of the e-commerce sales channel, can have a positive long-term effect. Demand growth is anticipated mainly due to strict green building regulations, increasing electricity costs, growth in internal migration and high household spending. In addition, manufacturers have continually concentrated on technological advancements, design improvements and enhancing product quality, and have adopted evolving trends, such as delivering eco-friendly products. In addition, the lending rates in the region are relatively lower and property prices are rising, thereby stimulating the demand for DIY home automation. In addition, a rise in crime rates and the increase in the number of rental houses is projected to generate a huge demand for DIY home automation products.

DIY Home Automation Market Drivers

Increased customer demand for convenience, connectivity, protection and security

The growing demand of the customer for comfort, connectivity, and safety and security is a key factor in the growth of the DIY home automation industry. Demand for energy efficient and green product technologies has risen as a result of numerous government policies to enhance energy efficiency, which has subsequently created demand for energy management and lighting control products. Safety and energy management have been the main drivers of the future growth and implementation of DIY home automation systems. Previously, the reconstruction or renovation of homes was required in order to ‘automate’ them; this can now conveniently be done when using wireless technology. Wireless technologies not only help prevent reconstruction, they also make things easy and self-contained to eliminate the use of wires.

Lower insurance costs for homeowners investing in home security systems and increasing services offered by telecommunication companies

Telecommunications companies, who also have a broad residential customer base through existing internet and cable subscriptions, have now joined the home security sector. With the support of such subscription packages provided by telecommunications companies, home automation manufacturers will specifically target opportunities with changing demographics and technological advances. In addition, insurance providers give attractive discounts to owners who have built-in access control and security services in their residential complex. These discounts help customers save on home insurance costs to offset the risk of adopting home security systems for residential applications.

DIY Home Automation Market Challenges

Growing security concerns with home automation devices

With a rising abundance of IoT-based home automation systems, cyber security is becoming a growing issue for consumers. This has serious implications for consumers who invest in home security services. The severity of a security breach rises with critical home automation systems such as smart locks and smart wireless security cameras. Home automation can be vulnerable to a security breach either due to security vulnerabilities in the system itself or due to unsecured wireless links between devices. All of these vulnerabilities have been resolved by their respective vendors, but this highlights the growth in security vulnerabilities with the growing amount of home automation devices being implemented on the market.

DIY Home Automation Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in DIY Home Automation Market. DIY Home Automation Market is expected to be dominated by major companies such as Nest Labs, Inc., Smartlabs, Inc, Nortek, Inc, Ingersoll-Rand Plc., iSmartAlarm, Belkin International, Inc, Wink, Mi Casa Verde, Inc., Lowe’s Iris, iControl Networks, and SmartThings, Inc. among others.

Acquisitions/Technology Launches

In January 2020, Home security and automation provider ADT has launched the first home security do-it-yourself (DIY) platform, offering an alternative to its professionally designed security systems. Blue by ADT is the company’s newest product range, a series of individual home security components that users can mount themselves and customize for skilled monitoring and storage choices.

In May 2020, Nuos Home Automation launched a touchless thermal scanner to secure Covid-19 workplaces.

Key Takeaways

The future of the DIY home automation market is exciting with opportunities for the commercial and household sectors.

Increased customer demand for convenience of connectivity, safety & security and low cost of DIY systems are main drivers for the market.

The security and access control market is expected to expand at a fast rate as a result of rising consumer demand for convenience and connectivity for safety and security.

The U.S. and Canada are projected to be the key drivers for the growth of the DIY home automation industry in North America due to the involvement of numerous major market players such as Smartlabs, Inc. (U.S.), Nortek, Inc. (U.S.), and Nestlabs, Inc. (U.S.) among others, making the region more market-friendly.

Related Reports :

A. Access Control As A Service Market

https://www.industryarc.com/Research/Access-Control-As-A-Service-Market-Research-505270

B. Automation Market

https://www.industryarc.com/Report/15493/automation-market.html

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