NextMarket Insights Expects The DIY Smart Home Market To Explode In Coming Years
While a small segment of consumers have long been interested in home automation, only recently has a confluence of new technologies set t...
While a small segment of consumers have long been interested in home automation, only recently has a confluence of new technologies set the stage for broader interest in a new, more expansive smart home. The fastest growing part of this new smart home market is the do-it-yourself (DIY) segment, fueled by a wave of new products that consumers buy, install and manage by themselves. NextMarket forecasts the DIY smart home to reach $7.8 billion in the US by 2019 according to a new report.
"Early generations of smart home products were expensive and often required a professional installer," says Michael Wolf, chief analyst at NextMarket Insights. "But over the past few years, new technologies have made the smart home more affordable and approachable for the average consumer."
While much of the industry interest in smart home has been centered around managed offerings from service providers, many consumers are first exposed to the smart home through self-installable point products such as smart thermostats, smart locks, and smart lighting. Others are experimenting with self-installable smart home systems that connect multiple products.
"The DIY smart home is becoming a 'hits-driven' business," says Wolf. "Products like the Nest thermostat, Kevo smart lock and Dropcam are raising awareness and offer entry points to the smart home for the consumer. We believe new initiatives such as Apple's HomeKit and the new 'Works With Nest' initiative from Google/Nest will create additional momentum for the consumer-managed smart home over time."
The new report, DIY Smart Home Market: Market Analysis, Vendor Profiles & Forecast, includes analysis of key industry players, the DIY smart home market landscape, and includes market forecasts for DIY smart home households, hardware, including the most popular point product categories.