When you think of a futuristic, fully automated home, you might picture several household gadgets working in harmony, like in The Jetsons or Back to the Future. But Gartner Research predicts that by 2020, there will be approximately 25 billion IoT-enabled devices, millions of which will likely be used to help consumers automate their homes. And Icontrol Networks reports that consumers across demographics (especially millennials and Generation Xers) are excited about owning a “smart home.”
A smart, or connected, home is defined as one where the lights, heating/ventilation/air-conditioning (HVAC), security alarm and other household devices can be automated and remotely controlled by a smartphone, tablet or computer. The key drivers in smart home adoption are home security, energy efficiency, entertainment, convenience/productivity, connectivity and health monitoring.
A smart, or connected, home is defined as one where the lights, heating/ventilation/air-conditioning (HVAC), security alarm and other household devices can be automated and remotely controlled by a smartphone, tablet or computer. The key drivers in smart home adoption are home security, energy efficiency, entertainment, convenience/productivity, connectivity and health monitoring.
While Internet connectivity in homes and smartphones seem to be the driving forces in consumer adoption of smart home devices, it is the devices’ ability to work in sync with each other and improve the consumer experience that will ultimately drive mass-market home automation. By 2020, the percentage of global households with Internet access is expected to touch 69%, according to data from the UN’s ITU agency, and global smartphone penetration is expected to reach 75%.
According to research from Statista, in 2020, the value of the global smart home market will reach $43 billion, nearly triple its value in 2014. Given enhanced consumer interest in home automation, we expect to see a ripple effect on the many devices and technologies involved. In the race to dominate the IoT, companies are doing everything they can to stay ahead of the game. For example, Samsung announced at last year’s CES that 90% of the products it manufactures will be able to connect to the Internet by 2017. Below, we outline the key technologies and players in the smart home space.
Security
Home security has emerged as the key driver in smart home adoption. Icontrol Networks conducted a survey and found that over 90% of respondents said that home and family security would be a top reason for them to purchase a connected home or adopt a smart home lifestyle. Most smart security products are consumer-installed and -monitored devices, a category which currently accounts for only 2.3% of the market, but one that Citibank estimates will command a 34% market share in five years. Consumers want enhanced features with home security monitoring that conventional systems do not provide. Instant updates, high-quality video and ease of installation make smart security more popular.
Home security has emerged as the key driver in smart home adoption. Icontrol Networks conducted a survey and found that over 90% of respondents said that home and family security would be a top reason for them to purchase a connected home or adopt a smart home lifestyle. Most smart security products are consumer-installed and -monitored devices, a category which currently accounts for only 2.3% of the market, but one that Citibank estimates will command a 34% market share in five years. Consumers want enhanced features with home security monitoring that conventional systems do not provide. Instant updates, high-quality video and ease of installation make smart security more popular.
Read more about Smart Homes, Buildings at: https://www.alliedmarketresearch.com/smart-home-automated-building-market
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