European Smart Home Market

European Smart Home Market worth $44.0 billion by 2024

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", 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.

Browse 70 market data Tables and 53 Figures spread through 209 Pages and in-depth TOC on "European Smart Home Market - Forecast to 2024"
View detailed Table of Content here -

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.

Don’t miss out on business opportunities in European Smart Home Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Report Code
SE 3326
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the European Smart Home Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
© MarketsandMarkets Research Private Ltd. All rights reserved

Digital Virtual Assistant - MarketsandMarkets