A new Navigant Research report has projected that smart home platform revenue globally will reach $39.5 billion in 2026 from the present worth of only $4.2 billion.
At the time when consumers are getting more and more conscious about smart home technologies, the report analyses the global smart home platform with focus on residential IoT hardware, software, services, and smart home platforms. It also discusses the issues associated with the smart home market including value propositions, market channels, and drivers and barriers as well as key devices and technologies.
According to the report titled “The Smart Home”, adoption of the smart home platform among consumers is motivated by several factors such as tech incumbents, telecommunications providers and security providers. It is also held that these stakeholders are putting their existing footprint to involve in the smart home market resulting in increased availability smart home devices.
Paige Leuschner, research analyst with Navigant Research, said: “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.”
Meanwhile, another Navigant Research report has projected that combined cumulative revenue for Industrial Internet of Things (IIoT) devices, software and services worldwide will surpass $1 trillion by 2027. According to the report, enterprises will the main drivers behind this trend as they realise the truth value of IIoT, which leads to decreased costs and increased equipment maintenance.