The number of smart homes in Europe and North America reached 10.6 million in 2014, according to a new research report from Berg Insight. The European market is two to three years behind North America in terms of penetration and market maturity, the research firm found.
At the end of 2014, there were 2.7 million smart homes in Europe and the market is forecasted to grow at a compound annual growth rate (CAGR) of 61 per cent in the next five years to reach 29.7 million smart homes by 2019, which corresponds to 13 per cent of all European households. The North American market recorded a 70 per cent year-on-year growth in the installed base of smart homes to 7.9 million at the end of the year. The most successful products on the smart home market include smart thermostats, security systems, smart light bulbs, network cameras and multi-room audio systems, Berg found. Release