In only a few years, the number of connected “smart” products for the home has increased exponentially as homeowners have shown more and more interest in being able to monitor and control their homes from nearly anywhere.
“The growth trend reveals that revenue is expected to hit $10 billion this year and $44 billion by 2017 globally,” said Mark Schmidt, business development manager at Ingersoll Rand — Nexia Home Intelligence. In the HVAC industry, specifically, global shipments of connected thermostats “were up 46 percent in 2013 and were expected to quadruple by 2017,” he added.