Share of Smart Home users in Europe 2019

The share of smart home users in Europe was larger among countries in Western Europe , with Denmark, Netherlands and Sweden having the most smart home users, as of 2019. Denmark had 23 percent of all smart home users in Europe, while the Netherlands and Sweden accounted for 21 and 19 percent of the smart home market respectively.

Security segment

With the share of internet of things (IoT) users in Denmark being the largest among 16 to 54 year olds, revenue in the smart home market in Denmark was forecast to more than double between 2017 and 2024. Each smart home segment in Denmark was forecast to increase over the highlighted period, however, the security segment- currently the largest segment by revenue as of 2020- was expected to generate more than double revenue by 2024.

IoT adoption in Europe

The European IoT market revenue is forecast to increase significantly over the next few years. Many Europeans are adopting IoT applicationsin order to improve security and reduce operational costs. Despite this, upfront costs and security concerns remain top challenges blocking the widespread adoption of IoT in Europe. However, with more Eruopean companies entering the IoT markets, and with increased startup funding, such adoption challenges may be eradicated in the near future.