Z-Wave Alliance looks at smart home market in new report
The Z-Wave Alliance has released it second annual ‘Z-Wave State of the Ecosystem Report’, that looks at the current state of the smart home and connected technology markets.
The report examines connected technology from within and outside the home, as well as exploring the smart home landscape as it is today, current and future trends, and new opportunities with an emphasis on the role Z-Wave technology plays in the advancement of the industry.
There are now more than 3,300 certified interoperable products worldwide in the Z-Wave ecosystem, allowing homeowners to create a system in their homes made with devices that are compatible with each other, regardless of their brand.
It is predicted that the number of connected IoT devices will exceed 40 billion by 2025, and it is thought that water sensors, all-in-one devices, and smart doorbells will be leading the growth.
The report suggests that opportunities in the smart home market have never been stronger and this is greatly down to IoT / DIY smart home devices, which includes a range of residential segments like water, comfort, access, sensors, lighting and security.
Connected technology was born in the home but it’s not limited to the home anymore, as the report explains: “The smart home is moving beyond the home, with connected technology taking shape and feasibility in new applications. Smart home and connected technology no longer refers to just the residential sector – connected tech has permeated apartment buildings / MDUs, hospitality, offices and enterprise, new home construction, as well as industries like healthcare and insurance.
“And the technology behind these new applications is also rapidly evolving, with trends such as AI, 5G, more advanced chip-level features, and open-standards all playing a role in bringing these applications into the spotlight.”
A topic that has been gaining traction recently is how technology can help make homes more secure and safe. This not only refers to the physical safety of the home and its occupants from intruders but also keeping networks protected among an ecosystem of smart home devices. The report explains that the Z-Wave certification mandates a number of features and requirements focused on quicker device and system set-up, as well as a continued focus on security.
Divided into sections, the report provides data, figures and proof points surrounding Z-Wave technology and its position in the smart home device market. There is also research from analysts examining relevant industry verticals including MDU, insurance, aging-in-place, healthcare, real estate, and more.
Additionally, the report contains thought-leadership contributions regarding open-standards, interoperability, artificial intelligence, and contextual awareness, and features a section where technology experts and industry press provide their insight into the future of the smart home through the rest of 2020 and beyond.
You can access the full Z-Wave 2020 State of the Ecosystem Report here.
Read an interview with Z-Wave Alliance's executive director, Mitchell Klein about how the pandemic will affect the smart home market.