A new Navigant Research report has predicted that revenue from residential IoT device shipments will exceed $330 billion (£217bn) by 2025.
The report reviews the market opportunity for residential IoT devices in terms of shipments, revenue and installed base over 2015-2025. The IoT concept has penetrated the residential environment, with smartphone-controlled LED lights and smart home devices like thermostats. Other IoT devices include smart meters, smart appliances and plugs, security and management systems and more.
A number of major companies are realising how such IoT-enabled devices can offer benefits in terms of home comfort, safety, security, automation and efficiency. The report identifies multiple driving factors for the market, but also sees significant challenges.
For one, the use of multiple standards and protocols with different devices has resulted in a major interoperability challenge. Consumers are confused about what devices and standards to choose, and this is negatively impacting the adoption rate of residential IoT technology.
The report also looks at key technologies associated with the residential IoT device market and the key players and competitors that are currently operating in it.
Neil Strother, principal research analyst at Navigant Research, said: "The IoT is like putting together a jigsaw puzzle without any edge pieces, with the number of pieces growing exponentially into the billions. 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 is titled 'IoT (Internet of Things) for Residential Customers' and can be found here.
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