The home automation has been dignified as the commerce of rich separable a few years back and it was all right as the cost of automation was not at all appropriate to the pockets of wide population in the economy. However, the Asia Pacific Smart Home technology has been effectively monitoring growth in terms of value as well as volume. Not only has this, even for the singular who could have smoothly afforded the automation resolutions, but implementation ratio was also inconsequential. The situation has circuitous around absolutely and over the present last years, an advancement of the automation is essentially taking place in the country. Along with the growing prerequisite of comfort and ease along with the growing disposable incomes of single living in the metro cities, the industry for the smart homes has been on the augment route.
According to the report analysis, ‘Europe Smart Homes Technology Market: Insights and Forecast, 2018-2024: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)’ states that in the Europe Smart Homes technology market, there are numerous companies which recently performing more positively for leading the fastest market growth and registering the high value of market share during the short a span of time while increasing the requirement for the smart home energy management system, solving the concerns related to privacy and hacking, leading the scope for insurance corporates and effectively restoring the independence for the elders and smart health solutions includes ABB Limited, ASSA ABLOY, Cisco Systems, Inc., Deutsche Telekom AG, Emerson Electric Co, General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, Schneider Electric S.E., Siemens AG, and United Technologies Corporation and several others.
Additionally, the smart home technology market in Europe has effectively monitored an overall increase in the penetration of the smart home as well as smart devices assumption in the last few years unambiguously in countries such as Germany, UK, Netherlands, and France. Effectively increase in the number of smartphones and flowing internet penetration, growing need for the smart home energy management system, enlargement of an aging population and impending growth for telecom operators, insurance bill payer and spur in investments by several players along with the existence of local players and launch of protuberant smart devices such as Amazon Echo and Google Home has significantly sparked the wave of smart home implementation in the economy.
Due to this, the smart home technology market in Europe demonstrated an exponential CAGR growth during the forecasted period of 2018-2024. However, Germany precedes the upper hand in the technological market owing to the occurrence of several giants such as Amazon Alexa along with occurrence of numerous startups in a smart home domain. The effective augment in the demand for smart devices, and popularity of business opportunities for Swedish smart grid corporates in Germany, target to decrease the energy consumption, extraordinary penetration of smartphone & internet has facilitated the region to control the Europe smart home technology market in judgment to other regions during the forecasted period.
Therefore, in the near years, it is anticipated that the Europe Smart Homes Technology Market will increase more positively over the coming decades.
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Ankur Gupta, Head Marketing & Communications