Around the world, people are starting to get smart about digital connectivity within the home. A new report from Juniper Research forecasts that smart home automation and monitoring devices will grow to more than 770million globally by 2021 – a figure that has skyrocketed from an estimation just last year of a mere 68million, showing 1000% growth.
The research across 12 countries, Smart Home Markets: Entertainment, Monitoring, Automation, Health, Metering, Appliances 2017-2021, discovered that North America, the Far East & China and West Europe will account for almost 75% of all households adopting smart home technology within four years.
Juniper predicts that new developers will disrupt and enter the market, utilising technologies such as machine learning to improve automation platform intelligence.
Research author Sam Barker said: “Successful players will be able to identify critical issues which can be alleviated through the introduction of smart home technology.
“For example, countries that are faced with ageing populations, such as Japan, will benefit from increasing interplay between automation and digital health services.”
The data has found that smart home hardware and service take-up in entertainment, automation, healthcare and connected devices will witness the fastest growth over the next 5 years, driven by established manufacturers such as Samsung, Bosch and GE Appliances adding connectivity to their units.
Juniper predicts that Alphabet, Amazon, Apple and Samsung will further solidify their market leading position by building on current assets such as cloud services and device bases.
Amazon’s innovation, use of cloud services in Amazon Alexa, and ability to capitalise on its eCommerce presence puts them in prime position, Sam Barker said: “The company has managed to maximise its value proposition for Alexa by partnering with a large range of complementary players in the market, whilst utilising its own cloud platform to set Echo and Alexa apart from its competitors in terms of functionality.”
Juniper believes revenue share from the most mature segment, smart entertainment, will slow down as emerging segments – smart appliances and home automation – gain popularity. The share from connected services such as Netflix and Amazon are set to fall from 70% of the total market in 2017 to 50% in 2021. Meanwhile, growing segments such as Monitoring & Automation will be driven by disruptive entrants, such as littleBits, Notion and iVee, which Juniper reveals will rival established players by taking novel approaches to product development.
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