Smart homes are a common application of IoT in people’s every-day lives. Smart homes may also report information to the occupant, including internal and external temperature, energy usage, security alerts, or even if the occupant needs to go out and buy groceries. Among European IoT adopters in 2018 and 2019, improving security and reducing operational costs were the leading reasons to utilize IoT. In a similar vein, European consumers surveyed in 2019 cited upfront costs, as well as security concerns to be the leading barriers to IoT progress.
Smart home revenue in Europe is forecast to triple over the period from 2017 to 2024. Revenues of various segments, such as smart securityand home entertainment are also expected to increase dramatically, with the smart home security market was forecast to equal as much as 35.6 billion U.S. dollars by 2024 . Smart grids and fixed visual surveillance common use cases of smart city spending globally in 2019.