Market Size of Europe Smart Homes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Smart Home Market Analysis
Europe Smart Homes Market is expected to grow at a CAGR of 10.3% during the forecast period 2021-2026. Investments in smart home technologies are increasing, and so are adoption rates, as consumers start to perceive products, such as voice-activated assistants and smart security systems, as standard household items rather than redundant luxuries.
- Connected energy management devices provide greater functionality. Demand for devices, such as smart lighting systems and smart thermostats, has increased over the past two years, driven by both their money-saving capabilities and their easy-to-use reputation. Hence, such developments are expected to create a need for installation services, thereby impacting the market's growth positively.
- Additionally, smart home devices and services are increasingly playing a significant part in smart city programs. One of the current examples of smart home deployments engaged in driving smart city benefits is the integration of smart thermostats into utility demand management programs.
- The cameras used in the smart home are majorly equipped with security flaws like weak default passwords, unencrypted data, less secured internet gateways, which will become one of the critical factors for adopting a video surveillance camera in the smart home. With the increasing market of smart homes, the demand for secured surveillance cameras would be on the rise.
- Further, smart home devices and services are increasingly playing a significant part in smart city programs. One of the current examples of smart home deployments engaged in driving smart city benefits is the integration of smart thermostats into utility demand management programs.
- However, in the current market scenario, most of the consumers with smart homes view the monthly subscription fees charged by service providers as being too expensive. This is pushing several customers to rely on the DIY model for their smart home devices.
- The market of smart homes in the region has expected that humankind has changed their home designing taste from the COVID-19 pandemic. The consumer's propensity to adopt security solutions is on the rise due to the pandemic scenario and the uncertainty of back into normal life. The aspect of a 'smart home' is looking more practical in the 'new normal' post-COVID-19.
