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EMEA smart home market has a bright future despite temporary downturn
International Data Corporation (IDC) has estimated the market size of devices for modern smart home in the EMEA region, which includes Europe, including Russia, the Middle East and Africa.
IDC data covers product categories such as set-top boxes, monitoring and security systems, smart lighting, smart speakers, thermostats, and more.
In the second quarter of this year, 20.29 million smart home devices were sold on the EMEA market. This is 7.2% less than last year. The top three suppliers include Amazon, Google and Samsung with shares of 19.4%, 17.2% and 10.3%, respectively.
The overall market contraction is due to the pandemic. Many sports and entertainment events have been canceled due to coronavirus, negatively affecting sales of smart TVs. In addition, the demand for monitoring and security systems, smart lamps and thermostats has dropped.
However, analysts believe that in the future, the industry expects a bright future. The market will return to growth at the end of the current half of the year. CAGR (compound annual growth rate) projected at 16.19% between 2021 and 2024. As a result, in 2024, deliveries will exceed 200 million units.