Smart Home Show in 2022 will be held in Shanghai New International Expo Center from March 17 to 20, 2022. It provides a precious opportunity for domestic and foreign enterprises of home appliances and consumer electronics to communicate with each other on the supply side and the demand side. It is a platform to show innovation results to consumers and capture their needs and pain points.
A recent article on Iot spending in Europe mentioned that the main area of IOT investment is in the consumer sector, especially in the area of smart home automation solutions. The difficulty in assessing the state of the iot market is that it covers many types of iot use cases, applications, industries, market segments, and so on. Industrial iot, enterprise iot, consumer iot and vertical iot are all very different.
In the past, most iot spending has been in discrete manufacturing, process manufacturing, transportation, utilities, etc. Now, spending in the consumer sector is also picking up. As a result, the relative importance of predicted and anticipated consumer segments, primarily smart home automation, is growing.
The growth of the smart home market is not limited to Europe, of course. In fact, North America still leads in smart home market penetration. In addition, growth is expected to continue to be strong globally in the years following the pandemic. At the same time, the market is evolving in terms of suppliers, solutions and purchasing patterns.
1. Number of smart homes in Europe and North America in 2021 and beyond.
Home automation system shipments and service fee revenues in Europe and North America will grow at a cagR of 18.0% from $57.6 billion in 2020 to $111.6 billion in 2024.
Over the past few years, spending in the consumer Internet of Things, traditionally seen as a niche for smart home automation, has gradually outpaced spending in other areas. So far, the COVID-19 pandemic has had little impact on the smart home market in these two regions. While sales at bricks-and-mortar stores fell, online sales surged. Many people are spending more time at home during the pandemic and are therefore interested in improving smart home products.
2. Differences between preferred smart home solutions and suppliers in North America and Europe.
Smart home industry players are increasingly focusing on the software side of solutions to develop compelling use cases. Ease of installation, integration with other iot devices, and security will continue to be consumer concerns. We often see consumers opting for DIY solutions from large vendors first, and they need the help of expert integrators if they want to have more advanced products in their smart home portfolio. All in all, the smart home market still has a lot of growth potential.
3. Opportunities for smart home solution experts and suppliers in North America and Europe.
Per Berg Insight believes that products and systems related to safety and energy management have been the most successful to date because they provide clear value to consumers. To understand them, as well as the development of smart homes in Europe and North America, it is important to point out differences in connectivity, desire and standards. There are some ecosystems to understand.
Beyond that, it's important to note that these companies' home automation offerings also overlap with building automation solutions and are often part of offerings beyond the smart home as everything becomes more connected. As we move to a hybrid work model, it will be particularly interesting to see how smart offices and smart homes connect and overlap if people want smart solutions that work from home, in the office and anywhere.
Smart home show in 2022 adhering to the purpose of bold innovation and excellence, to promote the development of the industry, the exhibition will present more fresh and new highlights, gather global wisdom technology, create a better life. For more information, welcome to Appliance&electronics World Expo (AWE) in 2022.