The global smart home technology market is in a trend to experience ongoing expansion over the next ten years, according to the latest report from Navigant Consulting’s research arm, Navigant Research. Global smart home platform revenue is expected to grow from $4.2 billion in 2017 to $39.5 billion in 2026.
In Navigant’s review of the smart home market they assess a number of areas: residential Internet of Things hardware, smart home platforms, services, and software. The report, titled, “The Smart Home”, indicates that an agreed upon definition of the smart home does not yet exist because the market is still in a very early stage, but steady investment of vendors and marketing by service providers may be changing this.
Part of the market’s growth comes from increased awareness of innovative smart home technology, with residential consumers aware of platforms like Apple HomeKit, Amazon Echo, and Google Home. In addition to new home construction, a range of players are driving the adoption of the technology. This includes security providers, energy suppliers, telecommunications providers, and technology incumbents in the industry who are innovating with new applications for data streams and putting out more devices on the market. Yet, the young industry is facing challenges such as being fragmented with various standards and protocols that has resulted in interoperability issues in the residential space.
A research analyst at Navigant Research, Paige Leuschner, talked about the promise of smart homes in a press release, saying, “The concept of a smart home has the potential to revolutionize the way we interact with our homes and the grid. Homes that act intuitively and intelligently through a comprehensive ecosystem of hardware, software, and services not only enrich consumers’ lives, but also play a role in the transition to the Energy Cloud.”
The report also looks at the competitive landscape within the smart home field, as well as specific devices and technologies that are vital within smart homes. Additional forecast information is segmented by device type and region from 2017 to 2026.
