A new report from Navigant Research analyzes the global market for smart home platforms, providing market forecasts, segmented by device type and region, through 2028.
Smart homes allow stakeholders to better engage and retain customers, increase satisfaction, and generate new revenue streams. Platforms such as Amazon Echo, Google Home, and Apple HomeKit are spurring excitement and demonstrating the benefits of controlling connected devices with voice.According to a new report from Navigant Research, global annual revenue from smart home platforms is expected to grow from $3.2 billion in 2019 to $14.3 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
“The smart home has the potential to revolutionize the way we interact with technology,” says Paige Leuschner, senior research analyst with Navigant Research. “Stakeholders are driving the adoption of connected devices and growing the number of touch points in the home to generate user data, which leads to more opportunity to drive additional value and generate new revenue streams.”
While Navigant Research expects to see significant market growth in the future, there are barriers to adoption. As mainstream consumers gain more access to smart home technologies, many struggle to use the devices or access the benefits desired from the products, and not all devices work together seamlessly. Additionally, data privacy and security issues deter customers, as does the price premium of smart devices.
The report,The Smart Home Overview, analyzes the global market for smart home platforms. The study provides an analysis of the market issues related to smart home technology, including drivers such as device availability, developing technology, and myriad value propositions. Global market forecasts, segmented by device type and region, extend through 2028. The report also examines the key industry players related to smart home platforms.