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...
Parks Associates: New research from Parks Associates finds smart home solutions that coordinate safety and home/away event scenarios could help a device manufacturer create cross-platform brand loyalty similar to Apple's dominance in CE device ecosystems. The IoT research firm finds U.S. consumers are more likely to own multiple CE products from Apple than from any other CE brand, with loyalty based largely around its mobile platforms. The emerging smart home markets do not have a dominant cross-platform player yet and represent an opportunity to establish a new population of brand loyalists.
"Apple has built a strong base of brand loyalists—82% of Mac users who purchased a smartphone chose an iPhone. By comparison, only 38% of non-Mac users who bought a smartphone chose an iPhone," said Brett Sappington, Senior Research Director, Parks Associates. "But cross-platform loyalty is difficult to achieve. Beyond Apple, ecosystem-based thinking among U.S. consumers is not natural; manufacturers must bridge this gap through product development and marketing that emphasize brand-specific benefits in use cases that apply across computing, mobile, and entertainment platforms. 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...
Chuck Martin for IOT Daily: Some serious marketing dollars may have to be spent just to get consumers aware of smart home products and how to go about getting one.
Most consumers don’t know where to turn to buy smart home products or services, that is, if they even know about them.
The reality is that smart home devices are relatively new and not likely to be on the average person’s radar until they need or want a particular new or replacement device for their home.
And when someone decides they want a so-called smart home device, many don’t know where to turn at that point, based on a new study.
Fewer than a third (30%) of households are familiar with where to buy smart home products or services, according the study by Parks Associate
And of those, fewer than half (40%) prefer to buy the smart products at retail outlets, particularly home improvement stores.
But there still is a gap between stores selling smart products and consumers acquiring them. Cont'd...
Annual Revenue for Communicating and Smart Thermostats is Expected to Reach $4.4 Billion in 2025, According to Navigant Research
Robert S. Marshall for TechCrunch: Attendees of the Consumer Electronics Show in Las Vegas this year were confronted with a head-spinning volume of smart-home devices. From $5,000 refrigerators that can communicate when you’re running low on milk and eggs, to the ability to control lights, locks and thermostats from your mobile app or TV screen, these products and technologies all show very nicely — until the point when consumers are left to calculate when their smart-home investments will translate into cost savings, energy efficiency and enhanced convenience.
Really smart companies and entrepreneurs have built impressive pieces of the smart-home puzzle, but these pieces have not been connected yet in a way that has, to date, empowered a smarter consumer.
Parks Associates home energy management data released in March 2016 show 70 percent of households with smart-energy devices report saving money due to reduced energy consumption. However, the research firm noted challenges for vendors selling smart-energy devices based on cost savings, as 83 percent of U.S. broadband households do not know the price they are paying for electricity. Cont'd...
Changes in Manufacturing, with Emphasis on China, Highlight 2016 Global Technology Predictions from IHS Analysts
By: Joseph Palenchar for Twice: Smart-home technology is used by 21 percent of all U.S. households, and another 36 percent are viable future customers, a Strategy Analytics analysis concluded.
The research and consulting company also surveyed online households about what they’d be willing to pay for and found the list topped by devices that allow for remote or automatic water shut-off if a leak is detected. That’s followed by devices that automatically adjust lights and thermostats based on who is home, a panic-button feature that turns on all lights in the house, remote monitoring and control of door locks, and motion-sensing camera s with visual notification. Cont'd...
Zion Research has published a new report titled “Home Automation (Luxury, Mainstream, DIY (Do It Yourself) and Managed) Market by Networking Technology (Wired, Power-line, Computing Network and Wireless) for Lighting, Safety and security, HVAC, Entertainment and Other (Robotics and Heath care) Applications – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020”. According to the report, global home automation market was valued at around USD 5.0 billion in 2014 and is expected to reach USD 21.0 billion in 2020, growing at a CAGR of around 25% between 2015 and 2020.
Home automation is the residential extension of building automation. Home automation is all about automation of the home and household activity. Key aspects involved in home automation includes centralized control of lighting, HVAC (heating, ventilation and air conditioning), appliances, security locks of gates and doors and other systems, to provide improved convenience, comfort, energy efficiency and security. Home automation for the elderly and disabled can provide increased quality of life for persons who might otherwise depends upon someone else for their day to day activity. Cont'd...
A new Parks Associates report finds smart home offerings have helped revitalize the residential security industry, as the number of households with monitored security rose over 15% in the past two calendar years. The New Face of Home Security - 2015 Edition reports approximately 21 million U.S. homes have professionally monitored security, with another 1.5 million with monitoring in a second home.
"By the end of 2015, nearly six million professionally monitored homes will also have smart home control as part of their security system," said Tom Kerber, Director, Research, Home Controls & Energy, Parks Associates. "Smart home is firmly entrenched as part the U.S. security industry, thanks to both push and pull factors. Companies such as Vivint, AT&T, and ADT have been aggressive in offering smart home features with their systems, while security owners are open to new technologies. Security households are 150% more likely than non-security households to state that they keep up with technological innovations and like to own the latest devices." Full Press Release.
New GfK research shows that half of US consumers believe smart home technology will have a major impact on their lives – a higher level than wearables or cloud computing and equal to mobile payment systems.
The study, which covered seven countries, asked consumers to choose which of 11 leading-edge technologies – from 3D printing to augmented/virtual reality to Internet of Things -- would be important to their lives. (Respondents could choose as many technologies as they wished.)
In the US, 51 percent of consumers picked smart home, versus 50% for mobile payments – a statistical tie; these compare to global levels of 54% for mobile payments and 51% for smart home. (The global figures cited here represent five of the seven countries in the full survey – US, UK, Germany, Brazil, and South Korea; data for China and Japan will be released later.)
Four in ten (42%) US consumers cited wearables – significantly higher than the global score of 33% -- while cloud computing came in at 41%.
Today, Iris by Lowe's released the results of its annual Smart Home Survey, revealing that when it comes to shopping for smart home products, home improvement stores (either in-store or online) were rated the No. 1 place Americans are most likely to buy. When asked why they would choose a home improvement store, most say it's because it is a retailer they can trust (55 percent) that has knowledgeable staff (40 percent) and a variety of available products (48 percent).
The 2015 Smart Home Survey, conducted online in August by Harris Poll on behalf of Iris, Lowe's Smart Home Business Unit, polled more than 2,000 U.S. adults aged 18+ and examined Americans' attitudes toward and experiences with smart home products, homing in on the driving factors behind their purchasing and use preferences. Results from this year's study indicate that when it comes to purchasing considerations, cost of equipment and monthly fees as a deciding factor has decreased (down from 56 percent in 2014), though it's still the most commonly cited (43 percent). Ease of use is the second most important deciding factor (19 percent, up from 13 percent in 2014), followed by energy and efficiency features (15 percent) such as home temperature control and automated lighting. Full Press Release:
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