Compass Intelligence Says the Connected Home is a Reality and Investment from Non-Traditional Companies will Boost Growth
Strategy acceleration firm Compass Intelligence is proud to announce its latest report titled “Growth Trends in the Connected Home Market...
Strategy acceleration firm Compass Intelligence is proud to announce its latest report titled “Growth Trends in the Connected Home Market: Connecting all Devices in the Home for Centralized Management & Control”. The report covers the different technologies that comprise the Connected Home market, customer needs and requirements, adjacent non-traditional markets and the connected home ecosystem. The report is part of Compass Intelligence’s M2M, IoT & Connected Devices Research Track. The report assesses market opportunities with data collected by our Thought Leaders Panel and interviews conducted by our team with leading vendors and service providers in the Connected Home ecosystem.
The market is really heating up with non-traditional companies positioning themselves to take-over the connected home market. Customers are telling the market what they want but traditional home automation companies are not grasping what consumers really want in a connected home and they are losing ground. This has created tremendous opportunity for companies like Google, Apple and AT&T, which has the pulse of the consumer and delivering value.
“Companies must ask themselves, are we driving change or following others?” states Keith Robinson, Sr. Strategist & Consultant. “If your answer is driving change, this study will help you understand some of the key market trends and the various ecosystems in the connected home. If you are a follower, this analysis will help you get back on track and gain insight into what customers really want. Great companies position themselves where consumers are going and this analysis will provide that roadmap.“
The landscape of Connected Home solutions is changing rapidly. In the past, companies entered the market as security/alarm monitoring providers and expanded into energy management solutions. The ubiquity of mobile solutions has led to non-traditional vendors and service providers entering the market to service different types of consumers with solutions that cater to them specifically. No matter your device of preference (home control panel, tablets, smartphones, laptops, gaming devices, etc.), consumers can find the Connected Home solution that suits their lifestyle.
“This research enforces our belief that Connected Home solutions are no longer about security or energy management, but an extension of consumer lifestyles”, continues Robinson. “Connected Home solutions will continue to evolve to include a diverse range of business models that will provide value to consumers, achieve economies of scale and result in lower prices for increasing functionality”.
Key Findings Include:
Security will continue to dominate the conversation in the short term. However, over the next few years, vendors and service providers will continue to push the message of Connected Home being a lifestyle solution, resulting in reduced importance on security and alarm monitoring.
With the increasing pervasiveness of smart meters and data collected by utilities, energy management solutions will gain prominence over time and provide more value to consumers that wish to manage their energy consumption better with increase in global energy prices.
An increasing number of non-traditional hardware will be integrated into Connected Home solutions. This includes smart TVs, gaming hardware, home appliances, irrigation systems, garage doors, connected cars, and so on.
Connectivity will continue to become irrelevant. Connected Home solutions use various forms of short-wave wireless and the future networks will be a combination of wired and wireless solutions.
Microsoft, Google and Apple are just the tip of the iceberg for non-traditional companies entering the market. In the next few years expect the ecosystem to be vastly different from what it is today.