Smart Home Automation Revenues to Exceed $57 Million by 2024
June 20, 2019 | Juniper ResearchEstimated reading time: 1 minute
New data from Juniper Research found that automation revenues will exceed $57 million by 2024, up from $18 million in 2019; driven by smart security solutions.
Juniper’s new research, Smart Homes: Strategic Opportunities, Business Models & Competitive Landscape 2019-2024, found the ‘Do It For Me’ model, with vendors offering advice, installation, maintenance and cloud storage on monthly/yearly subscriptions, is gaining ground. More players, such as Hive, Vivint Smart Home and TP-Link, now offer subscription packages, which broaden the value proposition with extra cloud storage, devices or superior video quality.
For more insights, download our free whitepaper, Smart Homes ~ the Rise of Smart Security.
Evolving Monetisation Opportunities for Vendors
The research found that insurers, utilities, mobile network operators and eCommerce vendors will capitalise on their existing relationships, including their trusted brand names and billing structures to extend their offerings to include smart home services. However, these vendors will still have to partner with smart home providers to make this business model viable.
The smart home is also attracting blockchain vendors who hope to solve interoperability and privacy issues hindering global smart home adoption. However, while blockchain could solve interoperability issues between devices, it would create interoperability issues between different distributed ledgers and add a level of complexity unnecessary in the smart home.
An Increasing Pool of Competitors
As part of the research, Juniper assessed 15 vendors across smart home segments, comparing the relative level of their capabilities and offerings in the space. Juniper positioned the 5 leading vendors as follows:
1) Amazon
2) Google
3) Samsung
4) Deutsche Telekom
5) TP-Link
Google and Amazon lead the way thanks to their comprehensive smart home solutions, high-profile acquisitions and widely supported voice assistants. Samsung provides a breadth of smart home devices through its SmartThings arm; currently unrivalled by other players. Through its B2B and B2C solutions, Deutsche Telekom has strategically positioned itself in every corner of the smart home thanks to its white label solutions and Magenta platform.
Suggested Items
SCHMID Group Closes Business Combination, Begins Trading on NASDAQ
05/02/2024 | SCHMID GroupGebr. SCHMID GmbH, a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries, and Pegasus Digital Mobility Acquisition Corp. announced the completion of their business combination.
Real Time with… IPC APEX EXPO 2024: Sigma Engineering's Recycling and Regeneration Systems for PCB Etching
05/02/2024 | Real Time with...IPC APEX EXPOEvan Howard of Schmoll America interviews Kristoffer Bjorklund, Sigma Engineering's supply chain manager. We learn about Sigma's recycling and regeneration systems for PCB industry etching and the benefits and challenges of implementing these systems in existing factories.
Real Time with… IPC APEX EXPO 2024: Outlining Rehm's Innovations and Global Presence
05/01/2024 | Real Time with...IPC APEX EXPOMichael Hanke, the chief sales officer for Rehm Thermal Systems, shares insights on the North American market, new machinery, and software development. He also discusses Rehm's turnkey solutions, process flexibility, global presence, and the dedicated team of 700 employees working on global solutions.
Real Time with… IPC APEX EXPO 2024: The Latest Advancements in Dry Storage
04/30/2024 | Real Time with...IPC APEX EXPOEditor Marcy LaRont and Super Dry Totech's Jordan Mandel discuss the latest developments in dry storage solutions, the J standard, and the ongoing challenge of moisture management while highlighting the industry's shift toward smart solutions and the importance of seeking expert help for moisture mitigation.
Keysight Secures New Test Case Validations for Narrowband Non-Terrestrial Networks Standard
04/30/2024 | Keysight TechnologiesKeysight Technologies, Inc. has validated new conformance test cases for 3rd Generation Partnership Project (3GPP) Release 17 (Rel-17) standards for non-terrestrial networks (NTN) using narrowband internet of things (NB-IoT) technology.