Smart home M2M: Key market research findings
- Ubiquity of home broadband connectivity drives market growth
- Energy management and climate control systems account for majority of the market’s revenue
- Key vendors – Alarm.com, AT&T, Comcast, Honeywell, Samsung, and Verizon Wireless
Technavio’s market research analysts predict the smart home M2M market in the US to surpass $29 billion in revenues by 2020. The increased availability of home broadband connectivity is the fundamental driving force behind the growth of this market. Smart home systems are gaining traction in the market owing to the advent of high-speed internet services from leading ISPs such as AT&T, Comcast, Sprint, and Verizon. The high penetration of Wi-Fi connectivity in residences is spurring an increase in the adoption of smart home appliances as multiple devices can be added to the home network easily without the use of external controllers.
The new market research report from Technavio presents a breakdown and analysis of the smart home M2M segments based on the application.
“Recently, there has been a noticeable increase in the adoption of cloud-based technologies in the market. Cloud-based services minimize the complexity of software issues in devices and accomplish the interoperability of devices in a secure manner. Besides, cloud-based services ensure low cost of ownership and on-demand scalability without any additional cost for homeowners,” says Rakesh Panda, Lead Analyst, ICT, Technavio Research.
At present, the energy management and climate control systems segment dominates the smart home M2M market in the US and is projected to reach more than $7 billion by 2020. The wireless Internet penetration, growing awareness of cloud services among consumers, and the emergence of technologies such as ZigBee and Wi-Fi are factors fueling growth in the smart home M2M market for energy management and climate control systems. Furthermore, the adoption rate of such systems is boosted by the decrease in the prices of monitoring and control devices.
The key vendors in the smart home M2M market in the US include Alarm.com, AT&T, Comcast, Honeywell, Samsung, and Verizon Wireless. Due to the presence of several large, well-established players, the smart home M2M market in the US is highly competitive. The market has high growth potential due to increasing broadband connectivity in households across the US. With the help of innovative products and advanced wireless communication protocols, consumers can monitor and control their homes from remote locations. The level of competition is anticipated to intensify with well-established players like Google and Apple entering the market space to capitalize on its high growth potential.
A more detailed analysis is available in the Technavio report, Smart Home M2M Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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