Global Revenue from Shipments of Residential Internet of Things Devices is Expected to Total More Than $330 Billion from 2015 to 2025, According to Navigant Research
Multiple competing protocols and standards are creating confusion for customers, report finds
BOULDER, Colo.--A recent report from Navigant Research analyzes the global market opportunity for residential Internet of Things (IoT) devices, including forecasts for shipments, installed base, and revenue, segmented by region and device type, through 2025.
Through devices such as smart thermostats that allow users to remotely control household temperatures or LED lights that can be switched on and off from a smartphone, the much-hyped IoT concept has arrived in the residential setting. Major companies are beginning to recognize the opportunity that these communicating devices offer for increased efficiency, automation, security, and comfort in the home. Click to tweet: According to a recent report from Navigant Research, global revenue from shipments of residential IoT devices is expected to total more than $330 billion from 2015 to 2025.
"The IoT is like putting together a jigsaw puzzle without any edge pieces, with the number of pieces growing exponentially into the billions," says Neil Strother, principal research analyst with Navigant Research. "Communicating devices in the IoT traverse a wide range of industries and sectors—virtually all areas of life can expect to see some form of this connected world."
Despite the many drivers for the residential IoT market, there are at present multiple protocols and standards that are creating an interoperability barrier, according to the report. Wi-Fi, ZigBee, Bluetooth, and others are all vying for market viability, which is creating confusion for consumers and stalling overall adoption.
The report, IoT (Internet of Things) for Residential Customers, defines the emerging residential IoT market and examines the global market opportunity related to IoT technologies. The study provides an analysis of the key market drivers and barriers associated with residential IoT devices, including smart meters, smart thermostats, lighting, smart appliances, security and management systems, and smart plugs. Global market forecasts for shipments, installed base, and revenue, segmented by region and device type, extend through 2025. The report also examines the key technologies related to residential IoT devices, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments - Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.