The IoT in the home market will continue to grow as device manufacturers continue to integrate communication technologies, sensors, and intelligence across a wide range of products. Pulled by the desire to enable devices in the home to share information for the purposes of greater effectiveness, higher levels of automation, security and comfort, more companies are offering such products and the market looks set to become more than just limited to early adopters. According to a new report published by market research firm NavigantResearch, the home IoT device market is set to grow from $7.3 billion (roughly Rs. 44.6 billion) in 2015 to $67.7 billion (roughly Rs. 413.8 billion) in 2025 in terms of annual revenue.
Neil Strother, principal research analyst at NavigantResearch, said, “The home IoT space is attracting enough attention from device vendors, as well as other interested parties looking to capitalize on the capabilities of smart home devices. Smart thermostats and smart meters can provide relevant information to improve energy efficiency, and smart home systems can integrate security, lighting and air conditioning systems. This trend will accelerate as device manufacturers add connectivity to more devices.”
According to market research firm ABIResearch, while the growth of the home IoT device market is set to continue into the next decade, one factor impacting market growth is the coexistence of multiple protocols and standards. This creates interoperability barriers that can confuse customers and affect the popularity of home IoT devices.
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