Friday August 17, 2018 0 comments
BOULDER -- Global annual revenue from residential IoT device sales is expected to increase to $167.2 billion in 2027, according to a new report from Navigant Research.
The report examines the global market for residential Internet of Things (IoT) solutions, including connected devices, software, and services, providing global market forecasts, segmented by device type and region, through 2027.
As residential IoT technologies continue to emerge, they are becoming fundamental to supporting connectivity, communications, and interoperability in the home, through concepts like the smart home, as well as a variety of other business models and use cases that have been brought to life.
Navigant said the market represents a large opportunity for stakeholders that can capitalize on connectivity and technology with access to more data than ever before.
“IoT is a term that has gained mindshare because of the possibilities it presents around connectivity,” said Paige Leuschner, Navigant research analyst.
“There are more connected devices and data than ever before, and the industry is only beginning to scratch the surface of opportunity IoT has to offer.
“IoT is already present in the home, and it continues to gain momentum as technologies emerge that empower consumers to better monitor and control their lives.”
According to the report, residential IoT growth is largely expected to come from the Asia Pacific region, where sales are forecast to increase from $19.1 billion in 2018 to $65.5 billion in 2027.
Meanwhile, North America is expected to contribute $42.3 billion in revenue by 2027 and Europe is expected to reach $51.7 billion.
This report, Residential IoT Market Overview, examines the global market for residential IoT solutions, including connected devices, software, and services. The study analyzes the market drivers, barriers, trends, and use cases associated with residential IoT.
Global market forecasts, segmented by device type and region, extend through 2027. The report also explores the key technologies and device types related to residential IoT, as well as the competitive landscape.
An Executive Summary of the report is available for free download on the Navigant Research website.