Technavio Announces the Publication of its Research Report Global IT Spending in Smart Home Market 2016-2020
Technavio recognizes the following companies as the key players in the global IT spending in smart home market: Cisco, Honeywell International, Intel, Schneider Electric, Verizon Communications, Accenture, Alcatel Lucent, Amazon Web Services, ARM Holdings, Dell, Ericsson, GE, Google, Huawei, Infosys, Microsoft, Oracle, Qualcomm, and Telefonica.
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Commenting on the report, an analyst from Technavios team said: One of the key trends for market growth will be increased adoption of voice controlled intelligent system. Voice-controlled intelligent systems are implemented to control and automate the smart home devices through voice commands. Voice-controlled intelligent smart home devices are programmed by entering the code to perform a specific task in the home. Voice recognition software solutions are widely being implemented in smart home devices to control the appliances through voice recognition technology. Popular voice recognition systems such as Amazon Echo, Apple’s Siri, Google Now, and Microsoft Cortana are popular among the smart home solution providers. Voice-activated smart home systems, provided by ABB enable users to control the home appliances through voice commands as per the users’ choices.
According to the report, increased use of smart sensor technology will be a key driver for market growth. The use of smart sensor technologies is supporting advanced IT technologies such as M2M communications and analytics. The use of sensor technology to support smart projects, such as smart traffic, smart lighting, smart waste management, and smart grids, are also on the rise. The use of sensor technology in IT solutions, such as IoT for infrastructure development is also gaining traction. Sensors are also embedded in IoT to provide seamless connectivity. Smart sensors make the devices intelligent to detect gestures and motions that help make real-time decisions. Smart sensors are different from traditional sensor technologies because the former are equipped with additional features for smart home automation solutions.
Further, the report states that the increasing rate of adoption of smart home solutions can be witnessed in developed nations compared to developing nations. Connected devices consume more power and bandwidth on Internet networks and provide seamless IoT connectivity, which remains a challenge in developed nations. Connecting multiple devices at the same time requires high bandwidth to transfer data between servers and smart devices. IoT-enabled smart home devices require an expensive internet connection with high bandwidth to manage multiple devices and sensors over the Internet network. IN addition, vendors need to implement IoT solutions that can lower bandwidth consumption with the help of network traffic management systems.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Smart Home
Smart home solutions require efficient networking infrastructure and hence, investments in upgrading and standardization of ICT infrastructure are rising at a high rate. Leading telecom service providers have tapped into the market to revamp the ICT infrastructure to boost connectivity. IT spending is increasing in wireless technologies to provide seamless connectivity for IoT–enabled smart home appliances. IoT–enabled devices and systems need to communicate with each other in real-time to successfully implement smart home solutions. A standard mobile platform is required to run IoT–enabled applications. We note that the IoT framework has disrupted the market for home appliance systems to a significant extent.
Technavios analysts forecast the global IT spending in smart home market to grow at a CAGR of 18.13% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global IT spending in smart home market for 2016-2020. To calculate the market size, the report considers the revenue generated from B2B sales of IT solutions such as hardware, software, and IT services.
The market is divided into the following segments based on geography:
Technavio’s report, Global IT Spending in Smart Home Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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