CHICAGO, April 8, 2019 /PRNewswire/ -- According to the new 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™, 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 growing number of internet users and increasing adoption of smart devices; 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; large number of manufacturers expanding their smart home product portfolios; and growing concern about safety, security, and convenience among people.
The market for smart speakers is likely to grow at a high rate during the forecast period.
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 to grow at the highest CAGR during the forecast period
Proactive type software and services facilitate the transmission of energy consumption data to end users, along with the best possible solutions to be taken after receiving the information. The proactive type enables the transfer of a high volume of data than the behavioral type, as it can provide inputs to end users regarding effective energy use and required actions on the physical parameters to reduce energy consumption. Algorithms associated with the proactive type can also perform a comparative analysis of the energy use patterns based on the time of the day, historical data, and weather conditions. Proactive solutions are more beneficial than the behavioral types as they can also send recommendation signals to end users to take necessary actions to reduce energy consumption; further, based on the users' actions, measures to control 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
The UK held the largest share in the European smart home market owing to the rising number of new residential projects and the increasing initiatives to strengthen the building infrastructure. There is a considerable demand for smart homes in the UK. Currently, the UK is considered a huge market for smart home systems owing to the high demand for various control devices pertaining to lighting control and other controls in the country. The presence of a huge end-user base and the growing demand for energy management systems are also expected to fuel the growth of the smart home market in this country.
The European smart home market is currently dominated by Johnson Controls International (Ireland), Siemens AG (Germany), Schneider Electric (France), United Technologies Corporation (US), and Honeywell International, Inc. (US). A few of the major strategies adopted by these players to compete in the European smart home market include product launches and development, partnerships, and mergers and acquisitions.
Other players operating in the European 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), among others. These players have adopted product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the European smart home market.
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