Europe smart home tech market set to propel due to rising investment from major tech giants: Ken Research

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A smart home is a proper home system where devices and devices can be controlled remotely from any internet connected location in the world using the smartphone or any other networked device. The smart home system requires a web portal interface application to cooperate with the automated system. The growth of smart home market is generally propelled by aspects such as perpetual increase in the number of internet users, increased implementation of smart appliances, awareness of healthy and fit lifestyles and the growing sense of home security and protection.

According to the report’s analysis, ‘Europe Smart Home Technology Market: Insights and Forecast, 2019-2025: Application Focus (Safety & Security, Smart Appliances, Heating, Ventilation, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, smart energy management), technology (Wireless and Wired Smart Home Technology), end users (residential and commercial end users)states that the proliferation and smartening of IoT devices has curiously increased the potential for the industry. A considerable amount of data or information can be stored, composed, analyzed and transmitted, which allows frequent businesses to save substantial sums of money.

Based on end users, the European smart home market is categorized into residential and commercial end users. In recent years, smart home technology has been more applicable to residential end users. The segment recorded the smart home market regionally and is expected to manage its dominance throughout the analyzed span. Further, based on residential end users and type, the market is further categorized into luxury homes, mid-range apartments, assisted homes, and low-energy homes. In recent years, mid-range apartments have occupied the largest share, followed by luxury apartments and luxury villas in the regional smart home market. Increased investment from major tech giants and venture capitalists to modernize the smart home field has contributed immensely to the growth prospects of smart home technology in the region. Not only that, but the benefits of smart home technology can also be seen in commercial end users such as hotels, hospitals, and other commercial buildings. In the smart home industry, technological breakthroughs have been effective in bringing new forms to the industry. The application of smart home technology greatly exceeded hospitals.

Additionally, robust competitiveness, thriving IoT, spurring product development, research and development activities, dramatic adoption of technological improvements, growing reach of smart health solutions and an aging population, peer-to-peer investments prominent, a boost in smartphone penetration and a growing preference for energy management systems and favorable government policies have contributed suggestively to thriving the market size of the European large-scale smart home market ladder. However, the low level of customer awareness of smart home devices, concerns about privacy and hacking, high cost of complex installation, and high prices of smart home devices should be considered to experience the endless growth of the smart home market.

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Major players in this market include ABB Ltd, Assa Abbloy, Cisco Systems Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, Schneider Electric SE and Siemens AG and United Technologies Corporation and others. These Europe Smart Home Technology Market players to compete improve the qualitative and quantitative measurements thereof, spread awareness related to the applications and benefits of Smart Home Technology, implement the profitability policies and expansion strategies, increase the advantages and features of smart home technology, analyzing the strategies and policies of the government as well as competitors, providing the best customer satisfaction, decreasing the prices related to them and establishing several research and development programs.

Additionally, for a better understanding of the regional smart home market penetration, the market has been analyzed by different countries such as Germany, UK, France & Norway, Netherlands, Switzerland , Denmark and the rest of Europe. Based on the prediction, Germany recorded the highest revenue share in 2018. Positive impression on companies from smart device manufacturers such as HVAC and several established players and startups that are dedicating their footprint in the field of Smart devices ranging from remote controlled heaters and the growing interest in energy saving applications such as thermostats and the thriving concept of Internet of Things have supported the growth of the European home technology market. smart home. Several companies have made inroads into the European smart home technology market that offers smart devices in dissimilar applications such as smart speakers, security systems, smart TVs, LEDs and switches, kitchen appliances and several other appliances. In a bid to enhance their product portfolio, major market players have entered into several acquisitions and collaborations.

For more information, refer to the link below:-

Growth of the smart home technology market in Europe

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