The most popular point solutions to date, in terms of sold units, include smart thermostats, smart light bulbs, smart plugs, connected security cameras and voice controlled smart speakers. Compared to whole-home systems, point solutions generated 62% of the combined market revenues in North America and Europe. The market value is forecasted to grow at a CAGR of 24.3% between 20 to reach ?49 billion (US$ 54.9 billion) at the end of the forecast period.Ī point solution will in many cases constitute the consumer's first smart home purchase. The market value grew by 28.7% to ?16.6 billion (US$ 18.5 billion) in 2019. The number of European households to adopt smart home systems is forecasted to grow at a compound annual growth rate (CAGR) of 20.2% during the next five years, resulting in 101.1 million smart homes by 2024. This corresponds to around 40.3 million smart homes when overlaps are taken into account, meaning that 17.4% of all households in Europe were smart at the end of the year. Around 10.8 million of these systems were multifunction or whole-home systems whereas 101.1 million were point solutions. At the end of 2019, there was a total of 111.9 million smart home systems in use in the EU28+2 countries, up from 83.9 million in the previous year. The European market for smart home systems is still a few years behind North America, both in terms of market penetration and maturity. The market value is expected to grow at a CAGR of 14.1% between 20, reaching US$ 52.3 billion (?46.7 billion) in yearly revenues at the end of the forecast period. The market value reached US$ 27 billion (?24.1 billion) in 2019, an increase of 20.5% year-on-year. This corresponds to 30.2% of all households, placing North America as the most advanced smart home market in the world.īetween 20, the number of households that adopt smart home systems is forecasted to grow at a compound annual growth rate (CAGR) of 12.5 percent, resulting in 77.9 million smart homes. ![]() An estimated 19.1 million of these were multifunction or whole-home systems whereas 153.5 million were point solutions designed for one specific function.Īs some homes have more than one smart system in use, the installed base totalled an estimated 43.1 million smart homes at the end of the year. The installed base of smart home systems increased by 28.5% to reach 172.6 million at the year-end. The North American smart home market recorded strong growth during 2019. Smart home systems can be grouped into seven primary categories: security and access control systems energy management and climate control systems audio-visual and entertainment systems lighting and window control systems healthcare and independent living systems home appliances and service robotics. Smart home and home automation systems include a wide range of solutions for controlling, monitoring and automating functions in the home. 15, 2021 (GLOBE NEWSWIRE) - The "Smart Homes and Home Automation in North America and Europe - 8th Edition" report has been added to 's offering.ġ79 Million Homes in Europe and North America Will Be Smart by 2024
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