According to the new research report, the "European Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025", size is expected to grow from USD 23.2 billion in 2020 to USD 39.6 billion by 2025, at a CAGR of 11.3%. The growth of the market is driven by many factors, such as an increasing number of internet users, increasing disposable income of people in developing economies, the rising importance of home monitoring in remote locations, and the growing need for energy-saving & low carbon emission-oriented solutions. Moreover, the rapid proliferation of smartphones & smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will fuel the demand for smart home solutions.
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The smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany).
Other players operating in the smart home market are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.
Browse 150 market data Tables and 57 Figures spread through 245 Pages and in-depth TOC on "European Smart Home Market with COVID-19 Impact Analysis - Global Forecast to 2025"
The smart speakers market is likely to grow at a high rate during the forecast period.”
The growth of the smart speaker market is driven primarily by the increasing adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers. Further, recent developments in artificial intelligence (AI) and natural language processing (NLP) to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.
“The proactive type software and services segment to grow at a higher rate during the forecast period.”
Proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end-users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide inputs to end-users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption.
A smart home incorporates open system technologies from both the automation & control and information technology industries. Protocols and standards integrate all home equipment by organizing the information and increasing convenience for the consumers. Various protocols such as DALI, DMX, LonWorks, KNX, Black Box, Ethernet, NEMA, Modbus, power-line communication, and BACnet are used in smart home applications to ensure communication between the systems and to share the data for proper control. Smart home applications that involve operations over longer distances can benefit from network technologies such as GSM, CDMA, or LTE networks. These technologies are ideal for sensor-based, low-bandwidth applications.
“The European smart home market is expected to grow at a significant rate during the forecast period.”
The drive for “green city” projects brings more energy efficiency in most EU countries. This has created a market opportunity for the manufacturers of energy-efficient smart lighting solutions. Europe would probably be the leading adopter of LED solutions. An increase in construction activities, followed by a growth in new installations of lighting fixtures and dimmers, drives the smart lighting market in this region. Moreover, some consumers and professional lighting companies are switching to LEDs. All these factors have substantially contributed to boosting the demand for smart homes in Europe.
The European smart home market size is expected to grow from USD 23.2 billion in 2020 to USD 39.6 billion by 2025, at a CAGR of 11.3% during the forecast period. The growth of the market is driven by various factors, such as the increasing number of internet users, the growing adoption of smart devices, and the rising disposable income of people in developing economies. Moreover, ever-increasing importance of home monitoring in remote locations, growing need for energy-saving & low carbon emission-oriented solutions, the rapid proliferation of smartphones & smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will augment market growth.
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