The market for home automation packages and individual smart devices (sensors, actuators, cameras, etc.) is predicted to grow at 30-35% for the next 5 years, reaching $6-7bn worldwide by 2020, according to a new report from Futuresource Consulting.
The report predicts that DIY Home Automation (controllers, devices) segment will experience high growth from a small niche market, which will be helped by online distribution. Most wealthy households will still want customised, professionally installed systems and design services, despite the availability of low priced DIY home automation systems.
According to Futuresource the key market catalysts driving the smart home market are low cost smart devices and mobile apps. Nobody will own the Smart Home market – hundreds of companies are competing for share with different value propositions. Smart Home standards will also be open – many platforms, open and proprietary technologies are already being exploited and will interact.
“The smart home market will see huge expansion over the next 5 years going from industry and geographical niches and quickly spreading to a much wider market,” comments Simon Bryant, Associate Director Consumer Electronics, Futuresource Consulting. “North America is currently creating 60% of global demand. The key drivers are security and convenience lifestyle, remote monitoring and control.”