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European Smart Home Market worth $41.2 billion by 2027: Exclusive Report by MarketsandMarkets™

 



(IT-NEWSWIRE.COM, June 22, 2022 ) 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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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.



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.

MarketsandMarkets™

Mr. Aashish Mehra

1-888-600-6441

sales@marketsandmarkets.com

Source: EmailWire.Com



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