A new Navigant Research report analyzing the global market opportunity for residential Internet of Things (IoT) devices has predicted a global revenue increase to nearly $70 billion by 2025. Segmented by region and device type, the report also includes forecasts for shipments and installed base. By observation of key market drivers and barriers, Navigant Research predicts the growing use of residential IoT devices.
“The residential IoT space is attracting plenty of attention from device manufacturers and other stakeholders who want to leverage the capabilities of connected devices,” says Neil Strother, principal research analyst with Navigant Research. “Already smart thermostats and smart meters can provide insights for greater energy efficiency, enhanced home systems can link security, lighting, and HVAC controls-and as device manufacturers add connectivity to more devices, the trend keeps accelerating.”
The residential IoT market continues to grow as the demand for advanced home efficiency, automation, security and comfort is also rising. Device manufacturers continue to implement communications technologies, sensors and intelligence into household devices forming smart meters, smart thermostats, smart appliances, lighting, smart plugs and security-management systems. This parallel growth in demand and development has led reports to expect an increase from $7.3 million in 2015 to $67.7 billion in 2025.
Though the report predicts significant market growth, its also covers multiple protocols and standards among devices as a hurdle to development. Because these features contribute to an inoperability barrier, they have the potential to confuse consumers causing adoption to become stagnant.
To learn more on the Internet of Things for Residential Customers report, an Executive Summary is available at http://www.navigantresearch.com/research/iot-internet-of-things-for-residential-customers.
