Market Research Report
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
|Published by||MarketsandMarkets||Product code||290702|
|Published||Content info||210 Pages
Delivery time: 1-2 business days
|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|
|Published: April 8, 2019||Content info: 210 Pages||
"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.
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.
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.
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.
The major players profiled in this report are as follows:
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.
The report would help the key players/new entrants in this market in the following ways.
(Business overview, Products offered, Recent developments, MNM view, SWOT analysis)*
Business overview, Products offered, Recent developments, MNM view, SWOT analysis might not be captured in case of unlisted companies.