In an analysis of the viability in the global market, Navigant Research projected that residential Internet of Things (IoT) technologies is expected to gross more than $330 billion in the next ten years. IoT technologies include devices that allow users to control household thermostats, lights, etc., via smart phone.
As companies begin to recognize the value in efficiency and ease-of-access these devices can provide, the sector is projected to experience substantial growth. Global revenue is projected to grow from $7.3 billion in 2015 to $67.7 billion in 2025, according to the Navigant report.
However, complications are arising as new companies emerge. Challenges between devices and platforms such as WiFi, ZigBee, and Bluetooth, are being faced in working together within and across the protocols of multiple companies vying for a spot in the market.
In an earlier press release, principal research analyst of Navigant Research Neil Strother, stated, “The IoT is like putting together a jigsaw puzzle without any edge pieces, with the number of pieces growing exponentially”. The numerous and as-of-yet un-unified system creates confusion in consumers, leading to hesitation of the adoption of IoT.
Despite this issue, IoT is still forecasted to become a norm among residential customers, with shipments, installation, and revenue falling into the Navigant analysis. Looking beyond the challenges that the market faces, Strother went on to say, “Communicating devices in the IoT traverse a wide range of industries and sectors””virtually all areas of life can expect to see some form of this connected world”. The report also examines key market drivers and barriers in the communication of devices such as smart meters, thermostats, lights, appliances, security management systems, and smart plugs.
