European Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment & Other Control, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services - Forecast to 2024
“European Smart home market expected to grow at a CAGR of 11.58% between 2018 and 2024”
The European smart home market is expected to grow from USD 22.8 billion in 2018 to USD 44.0 billion by 2024 at a CAGR of 11.58%. The growth of the European smart home market is driven by factors such as the growing number of internet users and increasing adoption of smart devices in Europe; increasing awareness about fitness; increasing importance of home monitoring in remote locations; rising need for energy-saving and low carbon emission-oriented solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; large number of manufacturers expanding their smart home product portfolios; and growing concern about safety, security, and convenience among people.
“Smart speaker market of European smart home expected to grow at a high rate during 2018-2024”
The growth of smart speaker is primarily driven by the increasing number of smart homes in Europe, rising disposable income, growing trend of personalization, and rapid proliferation of multifunctional devices. The increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to offer opportunities to players in the smart speaker space. Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes in Europe.
“Proactive type software and solutions of smart homes to grow the highest between during the forecast period”
The proactive type software and services facilitate the transmission of energy consumption data to end users along with the best possible solutions for planning actions to be taken after receiving the information. The proactive type enables the transfer of a higher volume of data than the behavioral type as it can provide the inputs to the end users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption. Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end users to take necessary actions to reduce energy consumption; further, based on the users’ actions, the measures to control the electronic devices can be implemented. It is owing to these mentioned advantages the market for proactive type software and services is expected to grow the highest during the forecast period.
“UK and Germany considered as the major markets for European smart home”
The UK held the largest share of the European smart home market in 2018, owing to the factors such as increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions. The European smart home market in Germany expected to grow at a considerable rate during the forecast period. Factors such as the strong economic growth, rising demand for smart lighting solution in homes, and rapid urbanization leading to a sophisticated infrastructure are driving the growth of the market in this country.
Breakdown of the profiles of primary participants:
• By Company: Tier 1 - 10 %, Tier 2 - 30%, and Tier 3 - 60%
• By Designation: C-Level Executives - 50%, Directors - 25%, and Others - 25%
• By Country: UK - 40%, Germany - 40%, France - 10%, and RoE- 10%
The major players profiled in this report are as follows:
• Johnson Controls International (Ireland)
• Siemens AG (Germany)
• Schneider Electric (France)
• United Technologies Corporation (US)
• Honeywell International, Inc. (US)
• Amazon, Inc. (US)
• Apple Inc. (US)
• Google (US)
• ADT (US)
• Robert Bosch Gmbh (Germany)
• ASSA ABLOY (Sweden)
• ABB Ltd. (Switzerland)
• Ingersoll-Rand PLC (Ireland)
• Legrand S.A. (France)
• GE (US),
• Comcast Corp. (US)
• Hubbell Inc. (US)
• Samsung Electronics Co., Ltd. (South Korea)
In this report, the European smart home market has been segmented on the basis of product, software and services, and country. The European smart home market, on the basis of product, has been segmented into lighting control, security and access control, HVAC control, entertainment, and other controls, smart speaker, home healthcare, smart kitchen, home appliances, and smart furniture. In addition, the study segments the market, on the basis of software and services into behavioral and proactive. The study also covers the market in the UK, Germany, France, Italy, and RoE.
Reasons to buy the report
The report would help the key players/new entrants in this market in the following ways.
1. This report segments the European smart home market comprehensively and provides closest approximations of the overall market size and that of the subsegments across different verticals and country.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, and mergers and acquisitions carried out in the market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook