Smart Homes to More Than Double by 2023
The latest estimates from Berg Insight see a huge rise to over 140 million smart homes across Europe and North America in 2023. With more technology and Internet-of-Things aimed at making our home lives easier, we will predictably see the number of European households adopting smart home systems grow.
Berg Insight forecasts an annual growth rate of 22.3 per cent during the next five years, resulting in 83.2 million smart homes by 2023.
"There were a total of 30.5 million smart homes in Europe at the end of 2018. The installed base in the region is forecasted to grow to 83.2 million homes at the end of 2023, representing a market penetration of 35 percent."
According to the Berg Insight report Smart Homes and Home Automation, the European smart home systems market is still a few years behind North America, in terms of market penetration and maturity.
“In Europe, traditional home automation systems and DIY solutions are more common as whole-home systems. eQ-3, Deutsche Telekom, Verisure, Centrica Hive and Somfy are the largest vendors of whole-home systems in the region.
Particular smart thermostats, smart light bulbs, smart plugs, connected security cameras, multi-room audio systems as well as voice-controlled smart speakers are driving the smart home buzz in Europe.
Berg Insight report brochure Smart Homes and Home Automation