The smart home industry, long focused on single family homes, is turning to embrace the high growth opportunity in supporting smart apartments and Multiple Dwelling Units (MDUs). From 2022 to 2030, the smart apartment market will grow at a nearly 50% CAGR, becoming a US$13 billion market by 2030, according to a new study from global technology intelligence firm ABI Research.
A slew of economic and social factors is driving investment and demand for new and existing apartments and, increasingly, well-funded players such as SmartRent, Latch, and StratisIoT (RealPages) are delivering platforms that bring smart home management to individual apartments and throughout common areas. Each targets rental properties owners offering operational efficiencies and the ability to attract and keep higher paying tenants.
So far, the market has focused on a handful of smart home devices including smart thermostats, locks, and water sensors, but demand is extending to voice control and a host of other smart home devices. “By 2030, the smart apartment market will represent a US$4 billion annual opportunity for those device providers that can adapt their smart home offerings to the demands of the market,” says Jonathan Collins, Smart Home Research Director at ABI Research.
To capture a share of the of the opportunity, device players will need to win the support of platform providers and building owners, both of which demand proven, reliable equipment capable of swift integration and management. Programs such as Amazon’s ‘Alexa for Residential’, which supports fleet management for Echo devices, are emerging and other vendors are developing similar programs. “In addition to significant growth, the smart apartment offers smart home players the opportunity for bulk Business-to-Business (B2B) sales in a market that has typically been driven by Business-to-Consumer (B2C) purchasing and all the inherent inefficiencies and cost those entail,” Collins concludes.
These findings are from ABI Research’s Smart Apartments and Multiple Dwelling Units application analysis report. This report is part of the company’s Smart Home & Buildings research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.
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