Smart Home Market Growth Opportunities

Smart Home Market Growth Opportunities

The smart home market is moving toward optimized and personalized devices, environmental control, and energy consumption through ubiquitous connectivity and digital transformation. This strategic analysis is part of Frost & Sullivan's continued coverage of the global IoT market. Frost & Sullivan offers valuable insights that will help IoT service providers increase revenue and identify new opportunities within this marketplace.

The IoT space is still in flux. Unlike more mature Information and communications technology (ICT) markets, the IoT space sees significant overlap with other industries such as automotive, energy, and transportation. To accurately observe and measure IoT-related economic activity, Frost & Sullivan uses the definition above to determine if a technology product, application, or service is to be considered a part of the IoT. Frost & Sullivan identifies the main segments that accumulate connected devices in Smart Homes: home entertainment, home safety and security, home energy, health and wellness, and home automation and control.

A home entertainment system is a multi-room system that controls and automates home entertainment devices and provides high-quality audio/video experience for end users.

Security systems that are connected either to an onsite management system or an offsite cloud-based management system.

A home energy management system (HEMS) is a technology platform that monitors, manages, and controls home functions, such as heating, ventilation, and air conditioning (HVAC), lighting, solar photovoltaics (PV), and other appliances in a residential building.

Health and wellness, also called technology-enabled care (TEC), covers mobile health, digital health, and telehealth.

A home automation system is a centralized system that controls and automates at least 2 home functions from remote locations, thereby providing an assisted and connected living environment to end users.

KEY FEATURES

To be considered a component of the IoT, any product, application, or service must be part of a larger solution that comprises these 4 elements:

Objects that are virtualized and imbued with data measurement capabilities

The ability to grant identities to physical and virtual objects

Interconnections between these objects, for monitoring and interaction

The ability to generate real-time insights from data and incorporate them into existing business processes