The Europe Smart Homes Technology Market size was estimated at USD 17.40 billion in 2020 and is expected to hit around USD 64.67 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 9.25% from 2022 to 2030.
Europe Smart Home Technology Market: Breakup by Region, 2022 & 2031
Source: Primary Research and Secondary Research Analysis
The integration of technology and home automation to create a more comfortable, convenient, and efficient living environment is referred to as smart home technology. Through a central hub, smartphone app, or voice commands, homeowners can control and automate various devices and appliances in their homes.
Smart thermostats, smart lighting, smart security systems, smart speakers, and smart appliances are examples of smart home technology. These devices are internet-connected and can be controlled remotely via a smartphone app or voice commands via virtual assistants such as Amazon Alexa or Google Assistant.
The use of sensors and artificial intelligence to automate routine tasks and improve energy efficiency, such as turning off lights when no one is in the room, adjusting the temperature based on occupancy patterns, and optimising energy usage during peak hours, is also part of smart home technology.
Smart Home Technology seeks to make homes more comfortable, convenient, and energy-efficient, while also providing homeowners with increased security and peace of mind.
The smart home technology market in Europe is expanding rapidly as more connected devices and the Internet of Things are being adopted (IoT).The market is divided into three sections: product, software & services, and region. Smart home appliances, smart home security systems, smart home energy management devices, and other products are included in this category. Professional installation services, managed services, and support and maintenance services are all part of the software and services segment.
The United Kingdom leads Europe’s smart home technology market, followed by Germany, France, Italy, and Spain. The market in the United Kingdom is being driven by government initiatives to promote energy efficiency as well as the widespread use of smartphones and other connected devices. The increasing adoption of smart homes, as well as the presence of major players such as Bosch, Siemens, and Samsung, are driving the market in Germany.
Europe Smart Homes Technology Market
The market is extremely competitive, with major players such as Amazon, Google, Apple, and Samsung dominating. Other market leaders include Honeywell, Schneider Electric, Philips, and GE.
The growing demand for convenience, safety, and energy efficiency is expected to fuel the growth of the European smart home technology market. The expansion of the construction industry, as well as increased government initiatives to promote the adoption of smart homes, are expected to fuel market growth. Overall, the European smart home technology market is expected to expand in the coming years.
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