Green smart home healthcare segment is projected to create high-value opportunities in the building automation ecosystem. Here's your chance to get an extensive understanding of this market.
In the Building Automation ecosystem, factory automation and industrial control market was valued at USD 194.7 Bn in 2020 and is expected to reach USD 347.5 Bn by 2027, growing at a CAGR of 9.2% during the forecast period. The market will benefit from rapid digitization and industry 4.0 revolution which stimulated the growth of automation among manufacturing facilities by necessitating the usage of smarter and automated solutions, such as robotics and control systems, in order to improve production processes. The development in building automation in emerging economies such as India, South Korea, Brazil, and others is projected to grow faster than in other regions by 2027. Asia Pacific accounted for 26.3% of the global building automation market in 2020, while the market was dominated by Europe with 33% of the market share.
The smart home healthcare segment was a significant contributor to the market in 2020 and is estimated to reach USD 45 Bn by 2027 at a CAGR of 26.5%. Major players such as Apple, Companion Medical, F. Hoffmann-La Roche, General Electric Company, Google, etc are increasingly adopting advanced technologies to achieve high efficiency and product quality. This is expected to create immense opportunities for the smart home healthcare market.