In key geographic markets, smart home device sales will reach 356.3 million units annually in 2024, accounting for 80.2 million total smart homes. This represents an installed base of 1.33 billion smart home devices, with annual sales revenue of $21.3 billion (€18.99 billion) in 2024.
A new study from Juniper Research has found that increasing smart security adoption will drive home automation and monitoring revenues from an estimated $12 billion (€10.15 billion) in 2018 to over $45 billion (€38.07 billion) by 2023, representing a growth of over 260%.
OK, so that’s what the Internet of things (IoT) is NOT about. Here Jeremy Cowan, editorial director of IoT Now, asks Pilgrim Beart what is really being achieved with IoT. He should know. Not only is Pilgrim DevicePilot’s CEO he is described as the man behind the smart home technology Hive which was sold to British Gas in 2015 for $100 million.
High price tags continue to put smart homes beyond the reach of most home owners and many who can afford to pay are not been sold on the benefits, according to a report from Beecham Research released today.
The largest share of the IoT pie is taken up by Smart Home devices. Products like Nest and Hue are seen as pioneers, and we see new innovations following suit every day. For anyone eager to explore this market, it’s important to understand the factors behind this growth and how to solve for this segment.
In October 1989, a Sunbeam Deluxe Automatic Radiant Control toaster was hooked up to the internet and unveiled at the Interop conference in Las Vegas. Nearly ten years after that, the term ‘Internet of Things’ was coined – and has been in widespread usage ever since.
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