For experts, the Internet of Things (IoT) represents the fourth industrial revolution. With it, the boundaries between industries will be redefined, opening new market niches, establishing connections and collaborations. It is expected that it can offer great growth opportunities, while becoming a threat to traditional business models. If we put figures, the global market for connected home devices was worth more than 50 billion euros in 2018. Forecasts place the figure at more than 80 billion for 2020 and forecast a growth of 22.3 % annually until reaching 140 billion in 2024.
Record growth of the ‘smarthome’ market in Spain
Spain is presented as one of the most important markets for connected home devices. “We have seen the growing and rapid implementation of the smart home throughout Europe, but especially in Spain. Despite the fact that we entered the Spanish market in the second half of 2019, this country has accounted for 10% of total sales for Nuki ”, points out Pansy.
It is expected that by 2024 20% of Spanish households will have at least one connected device. This implies a growth of 300% compared to the 2018 figures and a market of more than one billion within three years. This growth will be especially reflected in the home security sector. Sales of smart devices designed to protect accesses, secure doors and windows and monitor the environment will grow by 67% to reach 241 million in 2024. Currently, half a million houses have an intelligent security solution, while in 2024 this figure will triple to 1.5 million.