BOULDER, Colo. — Connected devices have proliferated in the last few years, giving consumers easy and affordable tools that allow them to create more intelligent homes with greater levels of comfort, security, and efficiency, notes Navigant Research. The residential Internet of Things (IoT) trend is expected to continue to grow during the next decade, particularly as industry stakeholders meet the demand for integrating disparate devices and in-home systems. According to a new report from the research firm, global revenue from shipments of residential IoT devices is expected to total more than $682 billion from 2016 to 2026.
“The momentum behind the IoT trend continues to accelerate, with the number of devices shipped annually likely to grow more than fivefold during the forecast period,” said Neil Strother, principal research analyst with Navigant Research. “The convergence of demand for connected devices and the supply of more affordable options and applications, is fueling this growth, making the potential scale quite astounding.”
Smart thermostats, solar photovoltaic (PV) installations, connected lighting, and electric vehicle (EV) charging systems are among the numerous products consumers are purchasing and connecting to home area networks and the energy grid, according to the report. As consumers adopt an increasing number of connected devices, key stakeholders can help consumers overcome challenges in integrating these devices and deriving benefits from them by providing ongoing data insights to achieve more automated and efficient homes.
An executive summary of the report is available here.
Publication date: 6/14/2016