European home automation market to reach $806.1 million by 2022, report says
Consumers are showing increased interest in implementing smart sensors to control and automate lighting, heating, air conditioning systems, electrical home appliances, entertainment systems and cars, all devices part of the IoT umbrella. Usually, these devices are connected to a gateway controlled through an interface and WI-FI that exposes them to a number of risks.
The home automation market in Europe is forecast to grow at a CAGR of 15.8 percent, reaching $806.1 million by 2022, according to a report from Frost & Sullivan. Voice-over-tech will be the driving force behind the “comfort-driven market,” while energy management, entertainment, comfort and safety and security will be a priority.
“In the next three to five years, voice-over-technology, gesture, and facial recognition will become the key transformational technologies in the home automation market. Players should adopt deep and machine learning algorithms as these technologies will become critical to future home automation systems,” said Harini Shankar, Home and Building Technology Research Analyst at Frost & Sullivan.
The numbers are not shocking, as a significant growth of the smart home was expected due to the evolution of end-to-end connectivity, even though the technology is still young and the high number of devices that can no longer be updated or patched raises security concerns.
According to Frost & Sullivan, a there will be a rise in merger and acquisition initiatives because key players in the industry will seek to gain more market share, as well as become more prominent in the market.
“Innovation scouting, partnering, collaboration, and appropriate acquisitions will be essential to mitigate high initial investment and replacement costs, and lack of skilled labor. Players should seek to deploy easy-to-understand, customer-centric business models to increase HAS (Home automation systems) market penetration,” Shankar said.Europe home automation market share