According to the latest research study released by Technavio, the smart home M2M market in Western Europe is expected to grow at a CAGR of over 39% until 2020.
This research report titled ‘Smart Home M2M Market in Western Europe 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up-to-date analysis and forecasts for various application segments, including energy management and climate control systems, security and access control systems, lighting control systems, home appliances, home entertainment systems, and Healthcare systems.
“IoT-related smart home applications include home automation, access control, home monitoring, lighting control, fire or water leak detection, temperature monitoring and HVAC control, family care, and automated meter reading. Of these applications, smart home security is the most demanding application from the consumer,” said Rakesh Panda, one of Technavio’s lead analysts for machine to machine research.
“Most of the residential users are rapidly adopting cloud-based residential security solutions that provide a self-monitoring and remote service solution. It provides a user-friendly interface to homeowners, helping them to arm, disarm, and check the security status of their house from a remote location,” added Rakesh.
Smart home M2M market segmentation by application in Western Europe 2015-2020 (USD billions)
|• Energy management and climate control systems||1.33|
|• Security and access control systems||1.11|
|• Lighting control systems||0.95|
|• Home appliances||
|• Home entertainment systems||0.74|
|• Healthcare systems||0.37|
Source: Technavio research
Energy management and climate control systems
The smart home M2M market in Western Europe by energy management and climate control systems was valued at USD 1.33 billion in 2015. Almost 40% of the overall energy generated is consumed by buildings. The power is used for heating, cooling, air conditioning, and ventilation. Depending upon the climate changes, the controlling levels get adjusted automatically. So, with the installation of these systems at residences, the usage gets reduced drastically and can reach a threshold level where energy independent living becomes crucial.
The market for energy management in Western Europe is driven by wireless Internet penetration and the growing awareness of cloud services among consumers. The market is also driven by the emergence of technologies such as ZigBee and Wi-Fi.
Nearly 70% of the households in Western Europe use Wi-Fi technology to manage energy. However, consumers are adopting ZigBee at a faster rate, and this technology is expected to surpass Wi-Fi by the end of the forecast period. Energy management systems are widely adopted to manage electricity inside a building.
Security and access control systems
The smart home M2M market in Western Europe by security and access control systems was valued at USD 1.11 billion in 2015. Security and access control feature helps identify the visitors of a home through Wi-Fi enabled camera systems. This feature automatically controls and detects the actions at home in the owner’s absence. The system is connected to the Internet, which helps eliminate physical control. Access control has shifted from conventional systems to sophisticated systems, enabling biometric technology for proper authentication.
The market is driven by the increased adoption of indoor and outdoor security devices by residential users. The demand for security cameras, intruder alarms, and smoke detectors is high among residential users. Several companies such as BT are offering connected home M2M security hardware and services at reasonable prices. Declining prices of devices are also responsible for driving market growth.
Lighting control systems
The smart home M2M market in Western Europe by lighting control systems was valued at USD 950 million in 2015. The availability of affordable do-it-yourself (DIY) smart home automation products is likely to enable IoT technology in home environments over the next few years. The decrease in the cost of devices, replacement of upfront installation cost by monthly subscription plans, improved broadband ecosystem, favorable government initiatives, and rising disposable income are also positively contributing to the growth of the market.
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