The size of the global Smart Home market opportunity for telecom service providers will be $62 billion by 2020, says Strategy Analytics.
Consumers will be spending nearly $130 billion annually on smart home offerings by 2020. Telecom service providers can address 47 percent or more than $60 billion.
Strategy Analytics said applications focusing on “safety and security” have the potential to generate more than $26 billion in new revenues for service providers.
Self-monitoring applications aimed at providing “peace-of-mind” for consumers will exceed $14 billion.
The United States represents the largest single-country opportunity reaching $21 billion by 2020; the Western European opportunity will hit nearly $10 billion by this time.
Retailers, insurance companies, energy providers, security service providers and device makers are the prominent participants in the global smart home market.
“Service providers will have to effectively compete and/or partner with these types of companies in order to earn a viable market position. Success in the market will be based on a company’s ability to develop and execute a sustainable business model,” said Bill Ablondi, director, Smart Home Strategies at Strategy Analytics.
Smart Home developments
MediaTek announced two new chips targeted towards the emerging connected home. The MT7687 and MT7697 chipsets will be made available across Internet of Things (IoT) devices. End products on these SoCs are likely to be available in India by Q4 2016. These SoCs are expected to be used for home-gateway solutions and smart electronics like smart washing machine, refrigerators, air-conditioners and other home appliances.
According to a research report from the M2M/IoT analyst firm Berg Insight, the number of shipped cellular M2M terminals was 2.7 million in 2015. Growing at a compound annual growth rate (CAGR) of 16.1 percent, this number is expected to reach 5.7 million in 2020.
Singtel launched Singtel SmartHomea solution offering a smart lifestyle experience encompassing home automation and security.
With more than 88 percent of households in Singapore wired with broadband and a smartphone penetration rate of 83 percent, setting up a smart home and living a connected future can be easily done
“Singtel SmartHome is part of our vision of helping Singaporeans live better by using technology to empower them to live more comfortably and safely. With our strengths in network and connectivity, and the wide array of smart devices that can be seamlessly connected, the possibilities that Singtel SmartHome can offer to customers are limitless,” said Wong Soon Nam, vice president of Consumer Products at Singtel’s Consumer Singapore.
Singtel SmartHome features a Smart Hub that can connect and communicate with more than 200 compatible smart devices such as motion sensors, contact sensors and smart cameras, via Z-Wave Plus technology.
SmartThings, a Samsung company, announced an integration with Google Home as one of the anchor launch partners. Google Home is a new voice activated speaker, designed for hands-free help from the Google Assistant to get answers from Google, stream music, manage everyday tasks, and control smart home products. With this integration, SmartThings is enhancing its commitment to voice control ensuring that consumers can interact with devices in more ways.
