According to a new study that was conducted, the home automation’s DIY market all over the world is expected to have an increase in value of AUD $28 billion by the end of 2020. It is also expected that the CAGR or Compound Annual Growth Rate in these four years, period between 2016 and 2020, will be 37.9 per cent.
The major share of the home automation market is now at the hands of United States of America and Europe. The fastest growing region, on the other hand, is APAC. The reason why there is an increase in the DIY market of the home automation industry can be attributed to the fact that many consumers are now looking for solutions that are energy-efficient and there is also an increase in concern with regards to the security.
The growth of the DIY smart home kits is now evident because of the rise in the adoption when it comes to automated services and the eco-friendly initiative of the government to gain incentives. One major factor is that DIY systems are considered to be more affordable compared to home automation systems that are installed by professionals.
The research study was first published last year and it has already been upgraded and eventually includes the further utilizations of secondary sources in order to determine and gather information that can be used in the study of the DIY system for home automation market in various aspects including technical, commercial and market inclined studies.
It is also expected that the market for security and access control will also experience a fast growth due to the high demand of the consumers to attain convenience and their aim to be safe and secure. For a home automation system that is installed by professionals, the cost is expensive because there are long term contracts to be signed and a monthly fee needs to be paid regularly to make sure the system stays in operation. With the introduction of DIY for home automation, these systems are more affordable and are compatible with smartphones and various mobile devices. These have no contracts and majority of them have no monthly dues.