The world we live in today is surrounded by the technology. It has redefined the way we live. The emerging technology of Internet of Things(IoT) is helping many companies to build home automation solutions. Hence, many companies are entering the home automation market, making it a competitive market. All of them aim to provide a smart, enhanced living where the consumers’ home will respond to their needs efficiently. They provide the automated solutions of the security of the house, HVAC(Heating, Ventilation, Air Conditioning), lighting, power consumption solution. But because of the various companies making their own automated solution is causing the home automation industry problem of fragmentation.
Because of the increasing number of companies, the competition among them is high. Each of them tries to offer the solutions which will give maximum satisfaction to the consumer. But, one company is good at one solution and another is good at some other. Hence, there is no one-stop solution available in the market. This is resulting in the problem of fragmentation in home automation market. Also, the home automation market is still in phase 2, which means it is still in the growth phase. Hence the quality and performance of the products also vary which makes the consumer even more confused about the product.
But by looking at the growth of the home automation market, having a consolidated market will add a boost to the growth of the market. It will also help to acquire and sustain the trust of the consumers in IoT based products because of the standard product range. As every coin has two sides, home automation market has both pros and cons. But, it will never stop the progression of the market.
