The global annual revenue within the multi-family IoT devices market is expected to increase by 23,8% between 2019 and 2028, according to Navigant Research.
Revenue generation for multifamily IoT devices is expected to reach $35.6 billion per annum in 2028 from $5.2 billion.
Other key study findings include:
- Building-wide security and access management, energy savings, and insurance applications are among the use cases gaining traction
- Single-family homes will remain the key market for residential IoT, however, the multi-family segment is expected to gain a significant share of revenue in the coming years.
- Builders and property managers are becoming more aware of the benefits of building-wide smart home technology, and stakeholders are starting to realise the largely untapped opportunity this market has to offer.
- The need to generate extra revenue from IoT will drive the market
- Europe and the Asia Pacific will dominate the market
Sasha Wedekind, a research analyst with Navigant Research, said: “Software solutions and platforms to serve needs specific to the multifamily segment are starting to enter the market to address the pain points of building owners, property managers, and residents alike.
“The rising interest can also be attributed to the sheer possible size of this market globally, to proliferation, and growing affordability of smart home devices.”