Assuming your home has a fast Internet connection speed, there’s a pretty decent chance that you’ll have a smart home system by the end of the decade.
According to research commissioned by Strategy Analytics, 26 percent of global households will be smart homes, as the technology that powers the Internet of Things evolves and becomes more sophisticated and secure.This year, the United States will account for 40 percent of the global total of smart home systems, as 21 million homes will spend $17.9 billion on automated technology. The U.S.’s share is expected to drop over the coming years as Western Europe’s and China’s shares increase.
The research indicates that home automation and security systems are driving the growth in the United States. As that growth accelerates, companies are increasingly dipping their toes in the water in an effort to get a slice of the pie that’s expected to expand to $40 billion by 2019. Some of those companies include Apple, AT&T, Comcast, Google and Samsung, among countless others.
Bill Ablondi, director of Smart Home Strategies, attributes the increase in the smart home market to prolific advertisements and press. “It’s becoming increasingly easy and affordable to set up smart home devices, and now companies that will make it ‘cool’ are players,” he said.
Some researchers have speculated that over-the-top (OTT) content providers like Netflix, Hulu and Amazon have contributed to the growth of the smart home market as consumers hope to seamlessly watch content on a number of connected screens as they move about their daily lives.
Smart homes are certain to put strains on existing networks, and as such, Juniper Research projects that there’s a $12 billion opportunity for service providers to supply the infrastructure to absorb that strain.