The European smart home market will have a market size of 26.7 USD
billion and this market size will increase up to 41.2 USD billion by the
end of the forecast period i.e., by 2027 with a growth rate of 9.0%.
The key aspects to the growth of this market are driven by a few factors
including growing internet access in European region, rising need for
energy saving and low-carbon emission-oriented solutions, increasing
number of manufacturers expanding their smart home product portfolios,
ongoing proliferation of smartphones, surging importance of home
monitoring, and increasing safety, security, and convenience offered by
smart home products are driving need for them.
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For
the product segment of European smart home market, entertainment &
other controls hold the largest market share for European smart home
market in 2021. The growth of the entertainment & other controls
market is driven by the convenience offered by these controls for
managing and controlling the entertainment systems within a house. The
advancements in wireless communication technologies are a significant
factor boosting the growth of the home theater system control market,
thereby driving the overall European smart home market for entertainment
and other controls. Entertainment has become an important part of life
as it provides relaxation and rejuvenation.
The most important
feature of entertainment control is its ability to integrate multi-room
entertainment systems. Audio and video systems can be integrated through
wires or wirelessly with personal computers/laptops, CD/DVD players,
smartphones, satellite radios, or portable music players to enable
access to videos/movies and audio collection from any part of the home.
Audio and volume controls are used to regulate and control the sound of
the music systems and home theaters. Multimedia room controls comprise
audio and video systems, theaters, and cinema room installations.
Touchscreens and keypads are mainly used to control the audio-video
systems in homes. Therefore, a host of controllers are used to control
and regulate entertainment systems in homes.
Under the
segmentation of software & service for European smart home market,
the behavioral software are expected to contribute maximum towards the
market share during 2022 to 2027, i.e., the forecast period. The
behavioral segment of the European smart home market is projected to
reach USD 5.3 billion by 2027, holding the largest market share in the
software segment; it is expected to grow at a CAGR of 13.0% from 2022 to
2027. Increasing awareness among users in European countries regarding
controlling and managing energy consumption is also leading to a rise in
demand for behavioral software and services in the region.
This
has also led to an increase in innovations pertaining to connected
devices and smart homes in several countries, including France, Italy,
and Spain. With increasing awareness about energy saving among end users
in Europe, the companies offering smart home-related software and
services are expected to witness an increased penetration of their smart
home technologies in the region. Behavioral software and algorithms are
limited to delivering and receiving data and do not take intelligent
activities such as the proactive types. Factors such as the growing
connection between machine-to-machine solutions and the Internet of
Things might be attributed to behavioral software and services'
increased market share. The behavioral software and services provide
individuals real-time access to their gadgets and insights into their
energy usage habits, allowing them to make informed energy consumption
decisions. The growing number of smart city projects and green building
initiatives supported by European governments is likely to boost demand
for behavioral software and services even more.
Under the market
segmentation of sales channel for European smart home market comes
direct sales channel and indirect sales channel. In 2021, the indirect
sales channel segment accounted for the larger share of the European
smart home market. Indirect sales channels or third-party service
providers hold a major share of the European smart home market. Most
players in the market have strong sales channels and distribution
networks to provide services to their end users. Indirect sales include
selling smart home products through both online and offline modes.
Offline sales channels comprise third-party cellular network carriers,
wholesalers, retailers, and value-added resellers. Online sales channels
involve sales through e-commerce platforms.
The COVID-19
pandemic resulted in a rise in the use of indirect sales channels. Due
to lockdowns in various countries worldwide, people have started using
online websites frequently, and their preference for online channels has
increased post the outbreak of the pandemic. Subsequently, companies
offer product setup and installation services that help users buy
products online without hesitation. Moreover, third-party delivery
providers have started taking extra precautions to encourage consumers
to buy without reservations about getting infected.
The region
wise segmentation of European smart home market depicts the maximum
share of the European smart home market in the UK in the base year i.e.,
2021. The UK is one of the early adopters of smart homes in Europe.
Following regulations to ensure the safety of occupants in a building is
mandatory in the UK. The government updates fire safety rules and
laws—such as Regulatory Reform (Fire Safety)—from time to time to
prevent fire accidents. Key fire protection product and service
providers in the UK include Fire Suppression (UK) and Argus Fire
Protection (UK). The UK has experienced a noticeable increase in the use
of surveillance systems and is one of the world leaders in using video
surveillance equipment on most premises. Major manufacturers in this
segment are Crestron Electronics, Inc. (US), Snap One (US), Siemens
(Germany), and Schneider Electric (France).
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