BOULDER, Colo. — Through devices such as smart thermostats that allow users to remotely control household temperatures or LED lights that can be switched on and off from a smartphone, the much-hyped Internet of Things (IoT) concept has arrived in the residential setting, says Navigant Research. Major companies are beginning to recognize the opportunity that these communicating devices offer for increased efficiency, automation, security, and comfort in the home. According to a report from the research firm, global revenue from shipments of residential IoT devices is expected to total more than $330 billion from 2015 to 2025.
“The IoT is like putting together a jigsaw puzzle without any edge pieces, with the number of pieces growing exponentially into the billions,” said Neil Strother, principal research analyst with Navigant Research. “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.”
Despite the many drivers for the residential IoT market, there are at present multiple protocols and standards that are creating an interoperability barrier, according to the report. Wi-Fi, ZigBee, Bluetooth, and others are all vying for market viability, which is creating confusion for consumers and stalling overall adoption.
An executive summary of the report is available here.
Publication date: 11/23/2015