Will Koblensky for Insurance Business: A combination of consumer demand and industry interest could create a wave of smart home technology and IoT disruption for home insurers in the near future.
According to an NTT Data report, 59% of surveyed home carriers say they’re making “strong progress” adding smart home technology to their coverage while 77% of those carriers are ramping up IoT initiatives.
“We know that there aren’t that many products already out there, so these are initiatives designed to get them into the game,” Normand Lepine, insurance data and analytics lead for NTT DATA said.
“We believe a lot of what’s going on right now is around strategy, potentially infrastructure. There are still a lot of challenges and they (carriers) know that. Until they really understand how this is going to be beneficial, they’re still going to go slowly.” Cont'd...
Pratibha Nanduri for ReadITQuick: Market research company Juniper Research, has released its latest report titled “Smart Home Markets: Entertainment, Monitoring, Automation, Health, Metering, Appliances 2017-2021.” The report on the research predicts that the market is slated for a steep growth from $83 billion in 2017 to $195 billion by 2021. The smart home market is a fast-moving one driven by Internet of Things (IoT) technologies like monitoring, smart automation and energy management services, required in consumer homes.
The main segments driving this growth will be healthcare, automation, entertainment and connected devices.
The smart appliances and home automation segment would be the fastest growing one during the forecast period with big companies like Samsung, Bosch and GE Appliances driving the growth.
The revenue from the entertainment segment is expected to slow down due to increased use of home automation and smart appliances in emerging markets.
In the connected services segment, the market share of Amazon and Netflix would fall from 70% in 2017 to 50% in 2021. Cont'd...
Stacey Higginbotham for MIT Technology Review: Insurers such USAA and American Family have lately begun offering to strike a high-tech bargain: wire your home with Internet-connected devices such as a new thermostat, and get a discount on your home insurance policy in return.
Offers like that could speed up the adoption of smart gadgets, revamp the insurance business, and transform how we manage our homes. In the future, your insurer might call a plumber before a pipe bursts, for example. But the data needed to help prevent leaks or burglaries will also introduce new risks, such as vulnerabilities to data loss or ransomware. Cont'd...
Ron Alalouff for SourceSecurity.com: ring a replica smart home, showcasing a range of interconnected devices such as intruder alarms, CCTV, biometric readers, door entry solutions and locks, as well as wireless control of blinds, lighting and heating, and 4K video and audio distribution.
But despite the market entry of some big names such as Google’s Nest, Apple’s HomeKit, and telecommunications giants AT&T and Deutsche Telekom, are we really on the threshold of a home automation revolution? Cont'd...
InfoComm - InfoComm Partners with BICSI to Introduce New Course on Using Category Cable in AV Applications
SOURCE: SECURITYINFOWATCH.COM: Security companies have played a pivotal role in the proliferation of smart home technology from the very beginning, however, these same firms will find themselves challenged in the coming years as several industry developments stand poised to disrupt the market’s status quo, according to a new research note from IHS Technology.
“Moreover, security companies will be challenged in 2017, when UL-compliant Z-wave sensors hit the market. (UL has approved the latest Z-Wave protocol for UL 1023 compliance, which means Z-Wave detectors can soon be used for professional alarm installations.) This milestone is significant, because most existing intruder alarms use one-way radios operating at 300/400 megahertz (MHz),” wrote Blake Kozak, principal analyst at IHS Technology, in the research note. “In order to remain competitive in 2016 and 2017, dealers and service providers need to consider flexible billing models as well as DIY installation with professional monitoring.” Cont'd...
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