Residential IoT, a spectrum of technologies that includes connected devices, software and cloud computing, is becoming the foundational technology framework for supporting connectivity, communications, and interoperability in the home. Concepts such as the smart home and other business models are based on this technology infrastructure which is propelling digitalization and in turn spurring more and more innovative technologies that bring value to consumers’ daily lives.
These changes are presenting opportunities for stakeholders to capitalize on, with global revenue from residential IoT device sales expected to increase to $167.2 billion by 2027, according to Navigant Research in their recently released report, “Residential IoT Market Overview.” The report examines the market for residential IoT solutions globally, including software, services, and connected devices up to 2027. It provides global market forecasts segmented by world region and type of device, including things like market drivers, trends, use cases, and barriers in the market.
The Asia Pacific region is projected to have the greatest growth in residential IoT with sales forecasted to increase from 2018’s $19.1 billion towards $65.5 billion in 2027. Europe is second with an estimated $51.7 billion, and North America takes third with $42.3 billion in revenue.
Paige Leuschner, a research analyst with Navigant, spoke about the predicted trends in a press release, saying that, “There are more connected devices and data than ever before, and the industry is only beginning to scratch the surface of opportunity IoT has to offer. IoT is already present in the home, and it continues to gain momentum as technologies emerge that empower consumers to better monitor and control their lives.”
