A new survey released this week by ABI Research forecasts significant growth in the home automation systems market with revenues expected to exceed $11.8 billion in 2015.
In a statement issued by ABI Research, Sam Lucero, practice director for research firm, says he believes that the home automation market is approaching a, "inflection point," after which the market is anticipated to grow at a large rate.
Among the growth drivers cited by Lucero include; vendors using standards-based wireless and power line technologies; companies in related markets utilizing home control and monitoring capabilities in their products; residential security providers offering home automation as part of their service package; telecommunications and cable broadband companies using home automation as another revenue opportunity; and, utilities using home automation to help consumers reduce power consumption.
Despite the positive outlook, there are still some challenges that face the home automation market.
"Our survey results show that a major challenge is simply lack of awareness on the part of mainstream consumers," Lucero said. "Other issues for consumers were the expense, and a perceived lack of need for home automation."
For more information about the Home Automation and Control study, visit www.abiresearch.com.