The global annual revenue from smart home platforms will grow by 18.1% between 2019 and 2028, according to Navigant Research.
The revenue is expected to increase from $3.2 billion in 2019 to $14.3 billion in 2028.
Driving the market growth is the ability of smart home platforms to help stakeholders to:
- Better engage and retain customers
- Increase customer satisfaction
- Create new revenue streams
Paige Leuschner, senior research analyst with Navigant Research, said: “Stakeholders are driving the adoption of connected devices and growing the number of touch points in the home to generate user data, which leads to more opportunity to drive additional value and generate new revenue streams.”
On the other hand, factors such as consumers struggling to use the devices or access the benefits desired from the products is hindering the market.
Data privacy and security issues as well as the inability of devices to work seamlessly is negatively impacting the industry in addition to the high prices associated with the technologies.
For more information about the report, visit The Smart Home Overview