Intelligent mothers generate a staggering 126 million users in Europe and North America by 2023
In the world of technology, the smart home market is expected to make a significant comeback in 2024, resuming its growth trajectory in the following years. This promising outlook is driven by the increasing popularity of smart and connected home products, which offer peace of mind, cost-savings, and enhanced security.
These products, marketed by a diverse range of companies such as Signify, Resideo, Danfoss, Belkin, Chamberlain, Schlage, Assa Abloy, Ecobee, Sonos, Arlo, Nuki, Mysa, IKEA, Wyze Labs, SharkNinja, eQ-3, Shelly, Verisure, Somfy, and Loxone, are transforming homes across the globe. The market for whole-home systems is served by traditional home automation specialists, home security providers, telecom operators, and DIY solution providers, ensuring a wide variety of choices for consumers.
European companies, such as Aeotec (based in Hamburg, managing Smartthings in Germany), Shelly, and Switchbot, are also playing significant roles in the smart home market. These companies, along with TP-Link in Europe, are engaged with Matter-compatible devices, positioning themselves as potential contributors to the Matter ecosystem. The Matter standard, aimed at unifying the smart home market, is expected to have a significant unifying force in the future.
However, the rollout of the Matter standard has faced challenges since its first reveal, with a slow progression. Despite these hurdles, efforts are being made to develop smart home devices that work together and facilitate the buying and setup process for consumers.
The demand for these smart home products is evident, with consumers willing to pay for the valuable features they offer. As of 2023, the number of smart homes in Europe and North America reached 126.2 million and 60.8 million respectively. By the end of 2028, the number of smart homes in Europe is forecasted to reach about 101.2 million, while in North America, it is expected to reach about 83.8 million.
Interestingly, North America has the highest market penetration with 41% of households having at least one smart home product or system, compared to Europe's 28%. Despite the promising growth, the smart home market growth stalled in 2023 due to higher inflation rates and increasing cost of living, a factor that is not yet reflected in the current forecasts.
The most popular smart home products include smart thermostats, smart light bulbs, smart security cameras, smart door locks, smart speakers, and floor cleaning robots. As the market continues to evolve, we can expect to see even more innovative products and solutions emerging, making our homes smarter and more connected than ever before.
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