Navigant Research report reveals annual revenue for smart home data analytics is expected to reach $11 billion in 2026
A new report from Navigant Research examines the market issues associated with smart home data analytics solutions in the residential space, providing global forecasts, segmented by business model, device, and region, through 2026.
Smart home data analytics solutions continue to emerge, and market participants are just beginning to realise the opportunity offered by volumes of data. Analytics solutions not only use data to provide insight into the home, but also create new possibilities for generating revenue and providing consumers with more value. According to a new report from @NavigantRSRCH, global smart home data analytics revenue is expected to increase from $1.3 billion in 2017 to $11.0 billion in 2026.
“Players in the residential sector are beginning to discover the opportunity analytics solutions have to offer,” says Paige Leuschner, research analyst with Navigant Research. “Currently the market is focused on using analytics to engage customers and gain insight into the home. However, as volumes of data grow and companies further explore use cases for data, Navigant Research expects analytics to enable more advanced functionality, such as home automation, and play a vital role in creating smarter homes.”
Today’s market players are largely offering customer engagement solutions as free analytics bundled with hardware purchases, business-to-business (B2B) software, and business-to-consumer (B2C) services, according to the report. As new use cases continue to develop, the market must overcome barriers such as limited awareness about the value of analytics, as well as concerns about data privacy and security.
The report, Smart Home Data Analytics, analyses the global market for smart home data analytics solutions in the residential space, with a focus on three business models: free analytics, B2B software, and B2C services. The study provides an analysis of the market issues, including drivers, barriers, and use cases, associated with smart home data analytics.
Global market forecasts, segmented by business model, device, and region, extend through 2026. The report also examines the technology stack, value chain, and business models related to smart home data analytics, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.