Saudi Arabia Home Automation Market Size to Expand at Significant CAGR of 15.6% during 2022–2028
Saudi Arabia home automation market is flourishing because of rising ownership of houses among millennials, high adoption of IoT for smart homes, focus on safety and security.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia Home Automation Market size to grow at a steady CAGR of 15.6% during the forecast period between 2022 and 2028. Major factors for expansion of Saudi Arabia home automation market include rising customer demand for convenience and personalized service, increased safety and security awareness, and the use of cloud-based technology. Furthermore, the rising use of smartphones has boosted the demand for gadgets that are interoperable with both Android and Apple devices. As these technologies are comfortable and simple to use, millennials drive the demand for luxury home automation systems. In addition, smart home technology, also known as home automation, has gained popularity since it provides users with comfort, simplicity, security, and energy efficiency by controlling smart devices, which is accomplished using a smart home app on their smartphone or similar connected device. As a result, these factors could drive the Saudi Arabia home automation market during the forecast period. Meanwhile, the lack of awareness and high initial investment are anticipated to limit the growth of Saudi Arabia home automation market.
Saudi Arabia Home Automation Market – Overview
Home automation, also known as smart home, is a system that allows users to operate devices, such as alarm systems, electrical outlets, lights, and fans, using a smartphone. The focus of home automation system is on home security, safety, and surveillance, which includes smart locks for doors and windows fire alarms, surveillance equipment, and other sensors. The rapid urbanization in Saudi Arabia is expected to give further growth opportunities for the Saudi Arabia home automation market during the period in analysis.
Challenge: Excessive cost of home automation equipment
The incorporation of innovative technologies, such as machine learning (ML), artificial intelligence (AI), and Internet of things (IoT) enhanced the effectiveness and simplicity of home automation systems. However, automation goods and appliances are costly. As a result, sales of these gadgets are expected to be limited in low- and middle-income countries. Due to the prohibitive cost, revenue growth in the home automation sector is expected to be slowed among consumers with little disposable income.
Saudi Arabia Home Automation Market – By Component
Based on component, Saudi Arabia home automation market is bifurcated into product and services. The product segment is further divided into security & safety, HVAC, wellness monitoring, smart appliances, smart entertainment, smart lighting. Similarly, the services segment is subdivided into consulting, installation or implementation, and support & maintenance. The product segment is expected to lead the market by component and to grow at the fastest CAGR due to an increasing focus on developing and producing smart home gadgets. Security and safety are predicted to have the largest market share due to monitoring solutions. Smart cameras, doorbells, gas detectors, and theft alarm are forecast to drive the growth of security and safety systems segment.
Impact of COVID-19 on Saudi Arabia Home Automation Market
Covid-19 caused uncertainties across all markets, along with Saudi Arabia home automation market due to the temporary shutdown of manufacturing plants, limited production units, and reduced staff presence. During the initial months of 2020, Saudi Arabia home automation market saw a significant drop in production, as well as supply constraints. Furthermore, the pandemic had an impact on consumer purchasing habits and behavior. Consumers are more concerned with acquiring basics than IoT gadgets, despite spending a large amount of time at home. During the COVID-19 pandemic, the waning enthusiasm for purchasing consumer IoT devices is expected to hinder industry growth. However, due to stay-at-home constraints, consumers preferred energy-saving smart home devices to monitor energy consumption and minimize their utility bills. In addition, increase in usage of smart TV and streaming sticks with voice commands have further boosted the home automation market.
Saudi Arabia Home Automation Market is fiercely competitive. Major companies in Saudi Arabia home automation market include UpLogica's, Fastnet IoT, Mayar Technologies, Automation United, Schneider Electric Saudi Arabia, Atlanta Network, Arabian homes (AHC), Smart Homes, Mixwell, Automated Buildings, Saudi Controls Limited, Arenco Co., and Legrand KSA. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Home Automation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Home Automation Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Research Blog
Phone No: +1 866 658 6826