The market smart home it does not appear to have seen negative declines especially during the pandemic, when most people were stranded in their homes. We are not only talking about smart TVs but also smart doorbells, cameras and AI speakers. All these products are slowly becoming part of the daily life of users. Now, International Data Corporation (IDC) reported that a significant increase in the smart home market has been noted in Europe in 4Q 2020. The peak is expected in 4 years.
The smart home market is a super fruitful market: it has soared in the last year but shows no signs of decreasing until 2025
Let's talk about Europe. According to IDC, our area has seen a del% increase 12.4 in the smart home market in Q4 2020 compared to Q4 the previous year. This means that over 41 million units have been sold in this time period. Working out the reasons for this significant growth, Jan Prenosil, senior research analyst for smart home devices in Central and Eastern Europe (CEE), said that:
The smart home market in Europe has grown 6.4% annually, with video entertainment as the main driver. Smart speakers have seen solid growth, mainly in Russia, where the popularity of local manufacturers is steadily growing. We have seen good results in categories related to other home products such as home monitoring and security, thermostats and lighting. Household spending changed during the pandemic and consumers focused more on improving their homes. This has led to increased interest in smart devices.
Basically, one of the reasons that led to the purchase of products for the smart home is the need. If before all this was a plus, today it has become (for obvious reasons) something essential. Think about how smart working workers have had to change their spaces in the house.
Read also: Smart home: the market does not stop, on the contrary, it will grow more and more
The current state, Amazon is the leading supplier of smart home devices in terms of units sold (market share of 18.1%). Google is in second place (12.5%), closely followed by Samsung (11.9%). LG (10.5%) and Sony (4.7%) complete the top five list. Almost 42% of the market is controlled by other suppliers. IDC predicts Europe will have 210 million units of smart home devices by 2025 with an annual growth rate of 14.94% between 2020-2025.
