Europe wakes up to IoT market

The European smart home market is starting to take off. After an initial conservative approach, the European market is now showing signs of renewed life, according to international research firm Park Associates. According to the firm’s report, IOT Connectivity in Europe: Value of Connected Products, companies in Europe are starting to ‘overcome market inhibitors and realise the opportunities emerging from the power of connectivity’. The report puts this down to emerging technology from global giants such as Amazon and Google, which is encouraging the market as a whole, both to develop new products and to invest in them.

"Some European companies have been hesitant to jump into the IoT space due to their sense that this area suffers from overhype and gadgetry," said Tricia Parks, Founder, President, and CEO, Parks Associates. "That view held some truth; however, the environment is changing. Early activity and accompanying success by EU companies as diverse as Assa Abloy, Miele, and Somfy are clearly visible. Meanwhile, global giants such as Samsung, Amazon, Apple, Google, and Microsoft are taking vigorous action to spur the marketplace."

She added: "Introductions like Ikea’s lighting system provide an alternative to popular innovator Philips Hue, which increases competition and eventually lowers prices. Amazon’s Echo Show, Tap, and Alexa are paving the way for smart product control and access by voice control, while connecting traditional products such as smart video doorbells, shutters, and door locks add functions such as remote access, control, alerts, and cameras."

The report provides profiles of 11 different types of EU companies, including INWIDO, Nespresso, Somfy, Miele, Securitas, Assa Abloy, Verisure, Philips Hue, Gardena, Bundles, and Hive.

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