A wealth of investment and growing consumer enthusiasm is driving the value of smart home spending to create a global smart home market expected to reach US$123 billion by 2022, up from US$56 billion in 2018. That growth and the potential for the smart home to be at the heart of consumers daily lives and purchasing decisions has brought a growing number of players and offerings competing to gain a foothold in the market. The result is a current smart home ecosystem that is immensely complicated. The entire smart home market will need to diversify and be more collaborative for vendors to increase their market share, advised ABI Research, a market-foresight advisory firm providing strategic guidance on the most compelling transformative technologies.
ABI Research released today its strategic Smart Home Ecosystem Infographic, which identifies more than 150 vendors in six main service sectors: Security, Energy Management, Home Entertainment & Media Management, Home Maintenance, Health, and Personalization. Each service sector is a key area for adoption and growth and numerous solutions ranging from voice control and smart plugs to Electrical Vehicle (EV) chargers and motion sensors. While some of the largest companies in the world - Amazon, Apple, Google, and Samsung - are actively engaged in the smart home market, they do not have the ability to provide everything needed in the smart home space. Partnerships are key for any smart home player. This infographic provides vision on where players need to position themselves to maximize their return on investment, create new revenue streams, identify which channel partners will maximize their go-to-market strategies and zero in on the real competitors for mergers and acquisitions as well as product development.
“The holistic picture of the smart home landscape shows it is getting more crowded with nontraditional vendors, making it more difficult for both established and new players to see where opportunities and adjacencies lie,” said Stuart Carlaw, Chief Research Officer at ABI Research. “A complete look at the entire ecosystem shows how the smart home is crossing over to smart mobility and ultimately smart cities, and this will require extensive collaboration among companies; no one company can survive the smart home market alone,” added Carlaw. For instance, well-known automobile manufacturers BMW and Tesla are getting pulled into the smart home ecosystem because they make connected EV chargers. Traditional window manufacturers Pella and Velux make smart enabled windows and blinds. “However, Samsung and Apple are not in the EV and smart blind markets, respectively, proving that these types of established companies must diversify and collaborate to increase their share of the smart home market,” said Carlaw.
The Smart Home Ecosystem Infographic was developed by ABI Research’s Stuart Carlaw, Chief Research Officer; Dominique Bonte, Vice President of Verticals & End Markets; Jonathan Collins, Research Director; and is part of ABI’s Smart Home research service.
Download ABI’s Smart Home Ecosystem Infographic by clicking here or visiting https://go.abiresearch.com/lp-abi-smart-home-ecosystem-infographic
About ABI Research
ABI Research provides strategic guidance for visionaries needing market foresight on the most compelling transformative technologies, which reshape workforces, identify holes in a market, create new business models and drive new revenue streams. ABI’s own research visionaries take stances early on those technologies, publishing groundbreaking studies often years ahead of other technology advisory firms. ABI analysts deliver their conclusions and recommendations in easily and quickly absorbed formats to ensure proper context. Our analysts strategically guide visionaries to take action now and inspire their business to realize a bigger picture. For more information about ABI Research’s forecasting, consulting and teardown services, visionaries can contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.
About ABI Research
ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.
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