A smart home is a suitable home system where appliances and devices can be controlled remotely from any internet-connected place around the globe utilizing the smartphone or any other networked devices. The smart home system demands an interface application of web portal to cooperate with automated system. The growth of smart homes market is commonly propelled by aspects, such as perpetually increasing internet users, augmented implementation of smart devices, awareness of fit and healthy lifestyles, and growing sense of home safety and protection.
According to the report analysis, ‘Europe Smart Homes Technology Market: Insights and Forecast, 2019-2025: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)’ states that the proliferation and smartening of IoT devices have curiously scaled up the probable for the industry. Momentous amount of data or information can be stored, composed, analyzed and transmitted leading to the saving of substantial amount of money by frequent companies.
Based on the end users, the Europe smart home market is categorized into residential and commercial end users. During the recent past years, the smart home technology was more applicable among residential end users. The segment registered the smart home market at regional scale and is estimated to manage its dominance throughout the analyzed duration. Furthermore, relying on residential end users and type, the market is further categorized into luxury homes, mid-range apartments, assisted homes and low energy homes. During the recent past years, the mid-range apartments occupied the greatest share followed by luxury apartments and luxury villas in the regional smart home market. Increasing investments by foremost tech giants and venture capitalists to bring in modernization within smart home domain has enormously contributed towards the growth prospects of smart home technology in the region. Not only has this, advantages of smart home technology can also be observed among commercial end users such as hotels, hospitals and other commercial buildings. In the smart home industry, technological breakthroughs have been efficacious in bringing about new shapes to the industry. The Smart home technology application was majorly protruding among hospitals.
Moreover, robust competitiveness, flourishing IoT, spur in product development, research & development activities, dramatic uptake of technological improvements, growing scope of smart health solutions & ageing population, investments by foremost peers, spur in smartphone penetration and growing preference for energy management systems and favorable government policies have suggestively contributed in prospering the market size of Europe smart home market at great scale. However, low level of awareness among customers about smart home devices, concerns concerning privacy & hacking, high cost comprised in complex installation and high prices of smart home devices require to be addressed to experience the never-ending growth of smart home market.
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Major players in this market comprise ABB Ltd, Assa Abbloy, Cisco Systems Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, Schneider Electric S.E., and Siemens AG and United Technologies Corporation and others. These players in the Europe Smart Homes Technology Market for being competitive are improving the qualitative and quantitative measures of such, spreading the awareness connected to the applications and advantages of smart homes technology, implementing the policies of profit making and strategies of expansion, increasing the benefits and features of smart homes technology, analysing the strategies and policies of government as well as contenders, delivering the better customer satisfaction, decreasing the linked prices of such and establishing the several research and development programs.
Also, for better understanding of regional smart home market penetration, the market has been analyzed as per dissimilar countries such as Germany, the UK, France, and Norway, the Netherlands, Switzerland, Denmark and the rest of Europe. Based on the prediction, Germany was registered for the highest revenue share during 2018. Positive impression on businesses of smart device manufacturers such as HVAC and several established players and startups earmarking their footprint in smart appliances domain varying from remote controlled heating appliances and increasing interest for energy saving applications such as thermostats and prosperous concept of Internet of Things have bolstered the growth of Europe smart home technology market. Several companies have forayed in the European smart home technology market that proposes the smart devices in dissimilar applications such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and several other devices. With an aim to improve their product portfolio, the major market players have entered into several acquisitions and collaborations.
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Ankur Gupta, Head Marketing & Communications