Northrook, IL -- (SBWire) -- 04/21/2020 --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 11.6%.
The growth of the market is driven by factors such as growing number of internet users and increasing adoption of smart devices in Europe; increasing awareness about fitness; 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; rapid proliferation of smartphones and smart gadgets; large number of manufacturers expanding their European smart home market product portfolios; and growing concern about safety, security, and convenience among people.
Download Free PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1290
Entertainment and other control to hold largest share of European smart home market during the forecast period
Entertainment has become an important part of life as it provides relaxation and rejuvenation. The most important feature of entertainment control is the ability to integrate multi-room entertainment systems. The major controls used to control and regulate the entertainment systems in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, & multimedia room controls is driven by the convenience offered by these controls for managing as well controlling the entertainment systems within a house. The advancements in wireless communication technologies is a major factor boosting the growth of the market for home theater system controls, thereby driving the market for entertainment controls. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke. The increasing cost of electricity is a major concern for household consumers. These increasing costs are driving households toward energy savings. Moreover, the increasing popularity of smart plugs, smart hubs, and smart locks is also fueling the growth of the European smart home market for these products. The market for entertainment controls is driven by the increasing demand for audio and volume, and multimedia controls.
The increasing connectivity between machine to machine and the Internet of Things are driving the growth of the European smart home and energy management markets, which has, in turn, influenced the growth of the market for software and services for smart homes in Europe. The behavioral type software and services help analyze energy-related data and forward it to the end users. This category is restricted to transmitting and receiving data and does not perform intelligent actions, unlike the proactive type. The behavioral type solutions provide direct feedback to the end users, thereby providing basic information regarding the real-time energy data, along with the historical data reflecting energy usage. As a result, behavioral type software and services held the largest European smart home market in 2018.
Market in UK and Germany expected to hold significant share during the forecast period
UK held the largest share of the European smart home market in 2018, owing to the factors such as increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions. The market in Germany expected to grow at the considerable rate during the forecast period. Factors such as the strong economic growth, rising demand for smart lighting solution in homes, and rapid urbanization leading to a sophisticated infrastructure are driving the growth of the European smart home market in this country.
Request Free Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=1290
Key Market Players
Key players in the European smart home market are Johnson Controls International (Ireland), Siemens AG (Germany), Schneider Electric (France), United Technologies Corporation (US), and Honeywell International, Inc. (US), Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany).
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, "Knowledge Store" 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.
Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Key Market Dynamics in European Smart Home Market
Browse 70 market data Tables and 53 Figures spread through 209 Pages and in-depth TOC on "European Smart Home Market - Forecast to 2024"