The residential IoT market continues to grow as the demand for advanced home efficiency, automation, security and comfort is also rising. Device manufacturers continue to implement communications technologies, sensors and intelligence into household devices forming smart meters, smart thermostats, smart appliances, lighting, smart plugs and security-management systems. This parallel growth in demand and development has led reports to expect an increase from $7.3 million in 2015 to $67.7 billion in 2025.
Though the report predicts significant market growth, its also covers multiple protocols and standards among devices as a hurdle to development. Because these features contribute to an inoperability barrier, they have the potential to confuse consumers causing adoption to become stagnant.
To learn more on the Internet of Things for Residential Customers report, an Executive Summary is available at http://www.navigantresearch.com/research/iot-internet-of-things-for-residential-customers.