How Many Ways Can You Segment the Smart Home Market?Delia Hernandez
Transparency Market research forecasts that the Global Home Automation market will reach 16.4 billion by 2019. Current home automation gadgets promise to give users the ability to monitor their homes or turn off appliances for example, from the convenience of their smartphone.
It’s not surprising that luxury homes will experience one of the highest rates of penetration for smart home technologies. According to Consumer Electronics Association, 94% of luxury home builders consider using smart home technologies important.
But mainstream consumers are hesitant to adopt the new technology due to high point of entry, lack of compatibility between home automation gadgets, and the complexity associated with installing these new devices. According to Ben Kauffmen, founder of the now-bankrupt Quirky Company, the market still belongs to early adopters and hobbyists.
Not All Smart Home Devices are Made Equal
Not only is it important for consumers to research home automation vendors, but it’s also important for them to become familiar with the different standards and modes of connectivity that new home automation products will support.
Smart homes will provide several modes of connectivity including Wi-Fi. However, due to interference issues arising from an already crowded spectrum, newer standards such as Z-Wave and Z-wave Plus have been making headway in setting compatibility and user-friendly standards for manufacturers.
The following infographic provides a look at the different segmentations associated with the home automation industry.
Looking for Home Automation products? Check out our Smart Home Product Portfolio!
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