HAMPSHIRE, UK – Driven by smart security, automation revenues will exceed $57 million by 2024, up 217% compared to 2019, says Juniper Research.
The “do it for me” model, with vendors offering advice, installation, maintenance and cloud storage on monthly/yearly subscriptions, is gaining ground, says the research firm.
More players, such as Hive, Vivint Smart Home and TP-Link, now offer subscription packages that broaden the value proposition with extra cloud storage, devices or superior video quality.
Insurers, utilities, mobile network operators and eCommerce vendors will capitalize on existing relationships, including trusted brand names and billing structures, to extend their offerings to include smart home services, according to new research. However, these vendors will still have to partner with smart home providers to make this business model viable.
The smart home is also attracting blockchain vendors that hope to solve interoperability and privacy issues hindering global smart home adoption. However, while blockchain could solve interoperability issues between devices, it would create interoperability issues between different distributed ledgers and add a level of complexity unnecessary in the smart home, says Juniper Research.
Google and Amazon lead the way, thanks to their comprehensive smart home solutions, high-profile acquisitions and widely supported voice assistants. Samsung provides a breadth of smart home devices through its SmartThings arm, currently unrivaled by other players. Through its B2B and B2C solutions, Deutsche Telekom has strategically positioned itself in every corner of the smart home, thanks to its white label solutions and Magenta platform.