There will be over 140m smart homes across Europe and North America in 2023 as more people embrace technology aimed at making their home lives easier, according to the latest estimates from Berg Insight. This breaks down to 83.2m European homes and 60.3m North American homes.
Though more European homes will be smart by 2023, it lags behind North America in terms of market penetration, with 41 per cent of North American homes predicted to be smart compared to 35 per cent of European homes.
The North American market is currently the most advanced, having an installed based of 33.8m as of the end of 2018. This represents a penetration of 24 per cent and a market growth of 38.6 per cent between 2017 and 2018. Overall, across Europe and North America, the number of smart homes reached 64m in 2018.
Smart speakers are comfortably the most embraced piece of smart kit in North America, with an installed base of around 100m at the end of 2018. In Europe, smart speakers (21m units) fall second in popularity behind connected lighting (22.4m units), which hit 25.2m units in North America at the end of 2018. Smart thermostats are also popular, having an installed by of 18.9m in North America and 6.6m in Europe.