As urban areas around the world continue to expand, the need for Smart Homes increases, using technology-based solutions to improve sustainability, citizen well-being, and economic development. A new report from Navigant Research, titled “The Smart Home Overview,” analyzes the global market for smart home platforms and provides market forecasts for future revenue growth.
Platforms such as Amazon Echo, Google Home, and Apple Homekit are all examples of voice-controlled devices used in homes that generate new revenue and allow stakeholders to stay better engaged with customers. Technology such as this is expected to spur growth in the smart home platform market, increasing global revenue from $3.2 billion in 2019 to $14.3 billion in 2028.
The report also notes significant barriers to adoption of smart home technology, such as protecting customer’s privacy and ensuring users understand the devices. Many customers struggle to use the platforms and not all devices work together seamlessly, an issue that key industry players will work to resolve over the coming years.
“The smart home has the potential to revolutionize the way we interact with technology,” says Paige Leuschner, senior research analyst with Navigant Research in a press statement. “Stakeholders are driving the adoption of connected devices and growing the number of touch points in the home to generate user data, which leads to more opportunity to drive additional value and generate new revenue streams.”
