Employing electronics technology as your security guard at home is one of the key factor driving smart home market. Another important factor in smart home market growth is saving/tracking energy consumption.
However small is your home, you would like to safe guard the house from fire, theft and such incidents. Also spending some money on smart home system is worth so that you will be paid back by monthly energy saving .
When it come to connectivity most of the people are quite excited to control and monitor their home from the smart phone using IoT.
Based on these needs the market for following technologies are going to be more in demand:
CCTVs: The growth CCTV which is connected to the user smart phone to see a big jump in coming years. Concept like baby monitor from your smart phone is a good click in the market. CCTV based security and surveillance systems will have demand world-over.
Fire and other accident prevention tech: Fire/smoke alarms become important due to the higher chances of busy workaholics forgetting to turn off some electrical equipments, water heaters, iron, stoves or even a candle light. A new company Nest which got recently acquired by Google is creating smart phone controllable thermostats, so they are safe as well as save energy consumption.
Intruder detection: When not in home, user can be alerted for any intruder entering home or attempting to steal something. Using different sensors and camera, technology now helps to secure home even in the absence of the owner at home.
Energy consumption: Real time indication of power consumption by various electrical units can be controlled and monitored through a smart phone. The importance of this technology feature depends on how much electrical power a home consume.
Streaming entertainment/digital media to whichever place at home: To listen to your favorite audio, no need to go near music system. The audio and even the video can be streamed to nearby speaker or a display (on your mobile screen or on TV, Monitor) is also an important feature supported in smart home systems.
Since everything is centered around smart phone, the internal security and robustness of smart home system itself becomes important in this hot market.
To give you an idea on the latest market research forecast on smart home market:
Strategy Analytics predicts that 26 percent of broadband households in the world will have at least one smart home system by 2019.
Strategy Analytics finds US leading in this market with nearly 40 percent of the global total in 2014 with 21 million households spending a total of $17.9 billion on smart home systems.
Revenues from smart home related hardware, services and installation fees will exceed $48B in 2014 and grow at a 19% CAGR to nearly $115B by 2019. By 2019 224M homes or nearly 12% will have at least one type of smart system installed, as per Strategy Analytics.