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A new report from Navigant Research examines the global smart home market, with a focus on residential Internet of Things (IoT) hardware, software, services, and smart home platforms, with market forecasts through 2026.
Residential consumers are becoming increasingly aware of smart home technologies, thanks to the prevalence of platforms like Amazon Echo, Google Home, and Apple HomeKit. Vendors are ramping up investment in the smart home concept and marketing to consumers, as home builders are integrating products into new construction. According to a new report, global smart home platform revenue is expected to increase from $4.2 billion in 2017 to $39.5 billion in 2026.
“The concept of a smart home has the potential to revolutionize the way we interact with our homes and the grid,” says Paige Leuschner, research analyst with Navigant Research. “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.”
As a key component of the digital grid and the future of the residential IoT, smart home platform adoption is being driven by tech incumbents, telecommunications providers, security providers, and energy suppliers. According to the report, these stakeholders are using their existing footprint to engage in the smart home market, increasing the number of devices available and creating new applications for data streams.