No sector has the Internet of Things (IoT) impacted more than the home. In fact, the home automation market was valued at $3.6 billion in 2012 and is expected to reach $16.4 billion by 2019, growing at a CAGR of 24.6 percent from 2013 to 2019, according to data from Transparency Market Research.
With home automation systems—which connect devices and appliances in your home so they can communicate with each other over a network—homeowners are able to easily control domestic activities with the simple touch of a button. For example, individuals are able to remotely control security locks on doors or change the temperature in a certain room all from their mobile device.
There are many benefits home automation systems afford homeowners from cost savings to heightened security to increased convenience. The rise of such automation, however, isn’t just benefitting homeowners; it’s also a great opportunity for broadband providers to expand their services.
Currently, there’s no seamless way for consumers to easily manage all of the different networks, services and devices that are converging in the home. Broadband providers can fulfill this need by creating a “connected home platform” where they can deliver, control and maintain multiple services and applications to multiple devices. In doing so, broadband providers become the backbone for managing everything from home appliances to entertainment systems.
With the emergence of over-the-top (OTT) services such as Hulu and Netflix, broadband providers have had to find new ways of generating revenue. The home automation market offers them an opportunity to expand their services and, in turn, increase their bottom line.