The report forecasts the smart home M2M market in Western Europe to grow at a CAGR of 39.4% during the period 2016-2020.
The market is divided into the following segments based on applications:
Energy management and climate control systems
Security and access control systems
Lighting control systems
Home entertainment systems
A key trend which is boosting market growth is the adoption of cloud-based technologies for smart home applications. IoT-related smart home applications include home automation, access control, home monitoring, lighting control, fire or water leak detection, temperature monitoring and HVAC control, family care, and automated meter reading. Most of the residential users are rapidly adopting cloud-based residential security solutions that provide a self-monitoring and remote service solution. It provides a user-friendly interface to homeowners, helping them to arm, disarm, and check the security status of their house from a remote location.
Further, the report states that that could hamper market growth is the absence of a standard framework governing the automation process. Companies approach automation in their own way, leading to different variants of the same gadget. This causes confusion for the end-users with regard to making investments in these products. For instance, a Samsung fridge, a Samsung dryer, and a Samsung AC can only communicate with each other and perform the respective operations but not with other manufacturer's products.