Home Automation System Market Size, Share, Growth Analysis, By Technology(Cellular, Wireless, and Others), By Application(Security, Lighting, Entertainment, HVAC & Energy Management), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2131 | Region: Global | Published Date: March, 2024
Pages: 197 |Tables: 66 |Figures: 75

Home Automation System Market Insights

Global Home Automation System Market size was valued at USD 64.70 Billion in 2022 and is poised to grow from USD 82.36 Billion in 2023 to USD 568.02 Billion by 2031, at a CAGR of 27.3% during the forecast period (2024-2031).

The key purpose of the installation of a home automation system is for comfort, luxury, convenience, energy efficiency, and security. The homeowners may operate, remotely control, and automate many systems using smartphone or dedicated control panels. The home automation system has improved the comfort, convenience, and personalized experience. Also, the home automation systems are supporting to reduce the energy cost significantly. Increasing product launches and development by the key players is a key factor driving growth of the global home automation system market. Additionally, growing preference for home automation system among the end users owing to advanced features associated with these systems is another factor propelling the growth of the global market.

Increasing disposable income and spending capacity specifically among emerging economies is driving the inclination towards the adoption of home automation systems. Moreover, the technological advancements in devices such as improved wireless technologies, implementation of Internet of Things (IoT), and integration of artificial intelligence (AI) have significantly improved the product standards, features, and capability that in turn expected to drive growth of the global market over the forecast period.

Moreover, there are some challenges and factors that are affecting the growth of the global market to a certain extent. These factors include high cost associated with product and maintenance, lack of skilled service providers, lack of service network in rural areas, power interruption issues, inter-compatibility issues among devices, and lack of awareness among end users. Also, rising concerns about data theft, storage, and data privacy are some additional factors that may generate challenges for the manufacturers during the forecast period and may affect the market growth.

The key players are working on these challenges to improve the overall product, associated features, product compatibility, data security, and overall efficiency. The market offers multiple opportunities for growth and expansion for the key market players. Product-related awareness and technological innovation in the products are continuously emerging and is poised for further market expansion in the forecast period.

Market Snapshot - 2024-2031

Global Market Size

USD 64.70 Billion

Largest Segment

Cellular

Fastest Growth

Cellular

Growth Rate

27.3% CAGR

Global Home Automation System Market ($ Bn)
Country Share for North America Region (%)

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Home Automation System Market Segmental Analysis

The global home automation system market is segmented on the technology, application and region. By technology, the market is segmented into cellular, wireless, and others. By application, the market is segmented into security, lighting, entertainment, hvac & energy management, smart kitchen, and other appliances. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Technology

The wireless technology segment is projected to experience the highest compound annual growth rate (CAGR) during the forecast period from 2023 to 2030. This significant growth can be attributed to the advanced capabilities and features offered by mobile connectivity through various network protocols such as ZigBee, Wi-Fi, Bluetooth, Z Wave, and others. Manufacturers prefer protocols that enable seamless communication while minimizing battery consumption and maximizing range. For example, the ZigBee protocol is known for its extended battery life, operating on low latency and a low-duty cycle to facilitate instant device-to-device communication.

The hybrid technology segment accounted for the largest market revenue share in 2022. This is primarily due to the advantage of long-range connectivity provided by the combination of wireless and wired technologies. Homeowners with complex home layouts particularly benefit from this segment, as devices can be connected regardless of wall placement, room location, or other structural factors. Additionally, the downtime in hybrid technology is minimized thanks to the dual modes of connectivity. In case of a wired cable failure, the device can still communicate through its wireless capability.

Analysis by Application

The smart kitchen segment is expected to gain high traction and achieve strong growth in terms of CAGR over the forecast period 2023 to 2030. This is attributed to the growing adoption of smart kitchen tools offering convenience and comfort in the cooking process. Moreover, rising smart kitchen product launches by the key players is driving growth of this segment market.

For instance, in March 2023, the Ireland-based leading smart kitchen brand Fresco launched all-in-one kitchen OS. This OS allows to control the multiple kitchen products and offers leading smart recipe development apps. Moreover, it allows manufacturers to get in touch with customers directly to share personalized content and user manual with detailed processes and guidelines.

Additionally, in January 2023, General Electric Company unveiled its Profile smart mixer, that integrates voice assistant support and connectivity features. Moreover, another key player of this industry - LG Electronics has announced the launch of a smart MoodUP refrigerator in January 2023. This refrigerator is equipped with multiple features such as Wi-Fi connectivity, Bluetooth connectivity, LED control panel, and other smart functionalities.

The security and access application segment is holding the major market share in 2022 and is expected to maintain its dominance over the forecast period. Growing implementation and advancements in security solutions is expected to drive growth of this segment market. Rising concern about the theft protection and preference for security application installment is driving the growth of this segment market. Moreover, recent product launches with advanced features such as biometric verification, motion detection, video-assisted locks, AI-integrated locks, and more. For instance, in April 2023, a new AI 3D face recognition-based Smart Door Lock Series 2.0 was launched by leading smart home solution provider Huawei. This solution also offers other features such as built in dual engine AI fingerprint algorithm and family care message memo. Moreover, this product has successfully passed the financial-level security of the Hongmeng system (CCRC enhanced security certification) and is certified by Smart Standards Committee.

 

Global Home Automation System Market By Technology

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Home Automation System Market Regional Insights

In 2022, North America held the largest revenue share in the home automation system market. The increasing popularity of smart home products and automation systems in the United States has played a significant role in driving the expansion of the regional market. The U.S. specifically contributes a significant portion to the North American smart home automation market due to the presence of established companies, the emergence of new players, and the widespread adoption of connectivity technologies throughout the country.

The Asia Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) from 2023 to 2030. This growth can be attributed to the healthy increase in disposable income driven by macroeconomic stimulus measures. The adoption of innovative technologies like voice-controlled smart home devices and the rising internet penetration, which facilitates connected home automation, are key factors driving the market growth in this region. Additionally, Asian economies, particularly China, serve as major manufacturing hubs for home automation sensors and IoT devices, further fueling market expansion.

Global Home Automation System Market By Geography
  • Largest
  • Fastest

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Home Automation System Market Dynamics

Drivers

Increasing Consumer Demand

The increasing desire for high-level comfort, convenience, security, and automation among the end users is driving the growth of the home automation system market. The end users are preferring advanced products, especially for enhanced security applications. Additionally, the smart and connected features of various products are resulting in growing demand for home automation products.

Technological Advancements

Rising focus on technological development by key players to serve the changing requirement of customers and improve the overall product is further supporting growth of the global market. For instance, a leading market player Shelly – a division of Allterco Robotics, Ltd has announced the launch of new 8 smart home automation devices including Shelly Pro 3EM, Shelly Plus Smoke, Shelly Plus Plugs, and others. The Shelly Pro devices act as a Wi-Fi network extender to ensure a stable and continuous network. The Shelly Plus are intelligent devices that allow customers to customize the functionalities and extend device features.

Restraints

High Initial Product Costs

  • High initial product cost and maintenance cost associated with the home automation system is a key challenge in the global market. Moreover, lack of sufficient service network and skilled professionals in emerging economies is limiting growth of the global home automation system market.

Privacy and Security Concerns

  • As smart home systems become more interconnected, privacy and security concerns have emerged as a potential restraint. Rising data privacy concern and growing incidences of data britch is another key factors hampering the growth of global home automation system market.

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Home Automation System Market Competitive Landscape

The global home automation system market is highly competitive, with numerous players striving to establish their presence and gain a competitive edge. The market landscape is characterized by a mix of established companies, emerging players, and innovative startups, each offering a range of products and solutions to cater to the growing demand for home automation. Several large technology companies have a significant presence in the market. These companies leverage their brand reputation, extensive resources, and technological expertise to develop comprehensive home automation ecosystems. Examples of such companies include Google (through its Nest brand), Amazon (with its Alexa-powered devices and Ring subsidiary), Apple (through HomeKit), and Samsung (with its SmartThings platform). These players focus on integrating their home automation offerings with their broader product portfolios, including voice assistants, smart speakers, and smartphones, to provide seamless user experiences.

Top Player’s Company Profiles

  • Honeywell International Inc. (US)
  • Legrand (France)
  • Johnson Controls International plc (Ireland)
  • Schneider Electric SE (France)
  • Siemens AG (Germany)
  • ABB Ltd. (Switzerland)
  • Google LLC (US)
  • Amazon.com, Inc. (US)
  • Control4 Corporation (US)
  • Lutron Electronics Co., Inc. (US)
  • Crestron Electronics, Inc. (US)
  • ADT Inc. (US)
  • Comcast Corporation (US)
  • Savant Systems LLC (US)
  • Assa Abloy AB (Sweden)
  • Samsung Electronics Co., Ltd. (South Korea)
  • Sony Corporation (Japan)
  • Somfy Systems Inc. (France)
  • Resideo Technologies, Inc. (US)
  • British Gas (UK)

Recent Developments

  • Schneider Electric SE and Smartworld Developers Pvt. Ltd. teamed up in December 2023 to create 360-degree home automation solutions.

     

  • Z-Wave Alliance has announced the launch of its new Z-Wave 7.0 standard in May 2023. This solution offers advanced security and performance for smart home devices.
  • Using an updated family hub called "SmartThings Home Life," which is a new feature of the SmartThings app, Samsung Electronics Co., Ltd. introduced connected living in June 2023. This service offers six SmartThings services, including SmartThings Cooking, Air Care, Clothing Care, Pet Care, Energy, and Home Care.

Home Automation System Key Market Trends

  • Integration of Artificial Intelligence: The integration of AI technology with home automation systems has gained momentum. AI enables personalized and intelligent automation, allowing systems to learn user preferences and adapt accordingly. This trend includes the development of AI-powered virtual assistants, predictive analytics, and machine learning algorithms to enhance the automation experience.
  • Focus on Energy Efficiency: There is an increasing emphasis on energy-efficient solutions within home automation systems. Companies are developing smart devices and systems that optimize energy consumption, monitor usage patterns, and provide users with insights to reduce energy waste. This trend aligns with the growing awareness of environmental sustainability and the desire for cost savings among homeowners.

Home Automation System Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global home automation system market analysis, the increasing demand for convenience, comfort, energy efficiency, and security in homes are key growth drivers. Home automation systems enable homeowners to remotely manage and monitor their homes' security, lighting, heating, ventilation, air conditioning, entertainment systems, and more. The market analysis reveals that the adoption of smart home technology and advancements in wireless communication, Internet of Things (IoT), and artificial intelligence (AI) have been key drivers for the market's expansion. However, challenges such as the high upfront cost of installation and concerns about data privacy and security have posed restraints. Interoperability issues and the complexity of integrating different technologies are additional challenges. Nonetheless, the market presents opportunities for growth, especially with the integration of voice assistants and virtual assistants into home automation systems. The market is expected to witness further expansion as technology continues to advance and consumer awareness increases.

Report Metric Details
Market size value in 2023 USD 64.70 Billion
Market size value in 2031 USD 568.02 Billion
Growth Rate 27.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Cellular, Wireless, and Others
  • Application
    • Security, Lighting, Entertainment, HVAC & Energy Management, Smart Kitchen, and Other Appliances
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Honeywell International Inc. (US)
  • Legrand (France)
  • Johnson Controls International plc (Ireland)
  • Schneider Electric SE (France)
  • Siemens AG (Germany)
  • ABB Ltd. (Switzerland)
  • Google LLC (US)
  • Amazon.com, Inc. (US)
  • Control4 Corporation (US)
  • Lutron Electronics Co., Inc. (US)
  • Crestron Electronics, Inc. (US)
  • ADT Inc. (US)
  • Comcast Corporation (US)
  • Savant Systems LLC (US)
  • Assa Abloy AB (Sweden)
  • Samsung Electronics Co., Ltd. (South Korea)
  • Sony Corporation (Japan)
  • Somfy Systems Inc. (France)
  • Resideo Technologies, Inc. (US)
  • British Gas (UK)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Home Automation System Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Home Automation System Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Home Automation System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Home Automation System Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Home Automation System Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Home Automation System Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Home Automation System Market size was valued at USD 64.70 Billion in 2022 and is poised to grow from USD 82.36 Billion in 2023 to USD 568.02 Billion by 2031, at a CAGR of 27.3% during the forecast period (2024-2031).

The home automation system market is highly competitive, with numerous players striving to establish their presence and gain a competitive edge. The market landscape is characterized by a mix of established companies, emerging players, and innovative startups, each offering a range of products and solutions to cater to the growing demand for home automation. Several large technology companies have a significant presence in the market. These companies leverage their brand reputation, extensive resources, and technological expertise to develop comprehensive home automation ecosystems. Examples of such companies include Google (through its Nest brand), Amazon (with its Alexa-powered devices and Ring subsidiary), Apple (through HomeKit), and Samsung (with its SmartThings platform). These players focus on integrating their home automation offerings with their broader product portfolios, including voice assistants, smart speakers, and smartphones, to provide seamless user experiences. 'Honeywell International Inc. (US)', 'Legrand (France)', 'Johnson Controls International plc (Ireland)', 'Schneider Electric SE (France)', 'Siemens AG (Germany)', 'ABB Ltd. (Switzerland)', 'Google LLC (US)', 'Amazon.com, Inc. (US)', 'Control4 Corporation (US)', 'Lutron Electronics Co., Inc. (US)', 'Crestron Electronics, Inc. (US)', 'ADT Inc. (US)', 'Comcast Corporation (US)', 'Savant Systems LLC (US)', 'Assa Abloy AB (Sweden)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Sony Corporation (Japan)', 'Somfy Systems Inc. (France)', 'Resideo Technologies, Inc. (US)', 'British Gas (UK)'

High initial product cost and maintenance cost associated with the home automation system is a key challenge in the market. Moreover, lack of sufficient service network and skilled professionals in emerging economies is limiting growth of the home automation system market.

Integration of Artificial Intelligence: The integration of AI technology with home automation systems has gained momentum. AI enables personalized and intelligent automation, allowing systems to learn user preferences and adapt accordingly. This trend includes the development of AI-powered virtual assistants, predictive analytics, and machine learning algorithms to enhance the automation experience.

In 2022, North America held the largest revenue share in the home automation system market. The increasing popularity of smart home products and automation systems in the United States has played a significant role in driving the expansion of the regional market. The U.S. specifically contributes a significant portion to the North American smart home automation market due to the presence of established companies, the emergence of new players, and the widespread adoption of connectivity technologies throughout the country.

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