Europe Smart Homes Technology Market: Insights and Forecast, 2020-2026

 

Market Overview:

Smart home industry in Europe despite being at niche level portrays as the second prominent region in smart home landscape. The smart home industry in the region has witnessed its wide adoption in the past few years, especially in the countries such as Germany, UK, the Netherlands and France. Rapid digitization, high penetration of smartphones, growing need for energy consumption & emission, and rising concern for security & safety constitute as some of the major parameters catalysing the growth of European smart home market. Europe smart home technology market is expected to showcase remarkable CAGR of 27.3% over the analysed period 2018-2024. Moreover, swelling aging population has also created ample room for smart revolution in healthcare sector thereby driving the Europe smart home market. However, the absence of education and knowledge among the consumers about smart devices, consumer’s concern regarding data security, complex installation paired with the high price of smart home appliances are some of the factors which are acting as some of the complex challenges that are hampering the growth of the smart home sector in Europe.

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In spite of such challenges, the potential growth for telecom operators, insurance providers and the surge in ageing population at considerable rate are anticipated to attract global players to invest and come up with technologically advanced home appliances products in the respective regions. For instance, increasing investments and development of European companies along with presence of local players such as Hive, Tado and Netatmo offering smart home products, well suited as per consumer specifications, are further anticipated to propel the market. Undoubtedly, launch of Amazon Echo and Google Home have sparked a wave of adoption of smart devices in Europe as well. New technologies such as voice control and Artificial intelligence not only purpose to offer more convenience to its end users but have resulted in rising the consumer awareness to some extent.
Insights Presented in the Report:
• Europe smart home industry can be segmented across different areas of application encompassing safety and security, lighting, HVAC, entertainment, smart appliances and energy management among others. At present, the penetration of security & safety application is estimated to dominate the market by occupying 24.2% market share in 2017 credited to rising demand for connected security devices
• Based on technologies, the market is segmented into wired and wireless segments. The wireless technology dominates the market and is expected to maintain its dominance by 2024. However, wireless technology is expected to grow at a higher CAGR during the analyzed period. The respective segment is classified into Wi-Fi, Bluetooth, ZigBee and Z-wave technologies wherein Wi-Fi smart home technology market was accounted at US$ 3,516.7 million in 2017
• Residential and commercial sector are the major end-users of smart home devices. Residential segment being the largest adopter, followed by commercial segment. With the rapid advancement in technologies, changing lifestyles and rising disposable income of the consumers, mid-range apartments and houses are likely to rule the residential smart home market by 2024, followed by luxury villas and apartments. In addition, although, hospitals under commercial smart home segment conquered the market by occupying the highest share of 65% in 2017, hotel segment would display the maximum CAGR of 29.8% over the forecast period
• For a deep dive analysis of the industry, the study also includes country-level analysis including major markets in the specified region such as Germany, the UK, Netherlands, France, Norway, Switzerland, Denmark and the rest of Europe region. Germany takes the upper hand in the technological market due to the presence of numerous giants such as Amazon Alexa along with the emergence of various startups in smart home domain. Increasing demand for smart devices and prevalence of business opportunities for Swedish smart grid companies in Germany, target to reduce energy consumption is driving the market. Further, high penetration of smartphone & internet have helped Germany to dominate the smart home market in the current scenario in Europe.
• Europe is expected to witness the highest growth during the analyzed period owing to rising preference for energy, cost savings, security and convenience coupled with insurance companies tying insurance with smart home service. .
Competitive Landscape
Some of the major players operating in the Europe smart home market include ABB Limited, ASSA ABLOY, Cisco Systems, Inc., Deutsche Telekom AG, Emerson Electric Co, General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, Schneider Electric S.E., Siemens AG and United Technologies Corporation. These companies have the ability to pool in investment from their other business to smart home market and come up with innovative products pertaining to the increasing demand for smart home appliances.
Reasons to buy:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
• Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry.
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

Europe Smart Home Market can be customized to country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customised solutions to clients.

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