IoT has become an important residential market opportunity, and products leveraging the technology have the potential to bring unprecedented levels of interconnectedness and synchronicity into people’s homes. Now a residential household can be maintained from an intelligent, holistic network.
Navigant Research, the wide-reaching research arm of business consulting services provider Navigant, recently published a report exploring the residential IoT market and its global opportunities entitled IoT (Internet of Things) for Residential Customers. The report analyses the key market drivers and challenges in addition to providing global market forecasts for shipments, installed base and revenue through 2025. Furthermore, Navigant carried out a thorough investigation of the chief technologies involved in residential IoT devices and gave examples of major products and applications, a list which includes smart appliances, thermostats, meters, lights, plugs security systems and centralized management systems.
“The IoT is like putting together a jigsaw puzzle without any edge pieces, with the number of pieces growing exponentially into the billions,” remarked Neil Strother, the principal research analyst at Navigant Research. “Communicating devices in the IoT traverse a wide range of industries and sectors—virtually all areas of life can expect to see some form of this connected world.”
Residential IoT is an exciting field defined by rampant competition, which has encouraged product innovation yet at the same time has resulted in a wide variety of disparate protocols and standards that are unable to communicate with each other. Therefore, customers wishing to invest in IoT devices must buy those from a single company so they can interact with each other properly or deal with the hassle of multiple unconnected networks. The recent Navigant Research report is a great way for consumers and industry professionals alike to get more in-depth insight into the development of this field and have a clearer idea of which products and standards have the most potential for widespread success and integration in the future.