When you go home today, take a good look around your living space. Five or 10 years down the road, it may look very different due to all of the connected home devices integrated into your environment—from self-driving vacuum cleaners to the clothes on your back to the streaming platform from which you access your media. The consumer IoT market is on the verge of tremendous growth.
How much will the home consumer IoT market grow over the next few years? According to a recent study from Acquity, 4 percent of consumers own connected home devices. Over the next five years, this number will grow to about two-thirds of consumers.
What devices are consumers most interested in? Here is a look at the results from the Acquity survey which shows the most popular IoT products:
Thermostats: Smart thermostats allow consumers to control advanced environmental settings directly from their smartphones or tablets. While smart thermostats are currently hovering around a 10 percent adoption rate among consumers, these devices are expected to reach almost 70 percent of total expected adoption (meaning the ongoing adoption rate over the next several decades). This will make thermostats the most widely adopted consumer IoT technology.
Security systems: Think of what a hassle it is trying to deactivate your alarm system while the dog is barking, the kids are yelling and your arms are full of bags. A growing number of consumers are now choosing to mitigate this problem by controlling their home security systems using mobile devices. Connected security systems, also hovering close to 10 percent adoption among consumers, will grow to 30 percent more than five years from now and will more than double to over 60 percent total adoption.
Refrigerators: Are you constantly running low on milk and eggs? With the help of a smart refrigerator, this will soon be a problem of the past. That’s because smart refrigerators are able to inform owners exactly when food items are running low. While fewer than 5 percent of consumers currently use smart refrigerators, total expected adoption will reach almost 70 percent overall.