Navigant Research forecasts the global market for smart home data analytics solutions for residential consumers to generate $11 billion in revenue by 2026.Commenting on developments within the global smart home data analytics market, Paige Leuschner, a research analyst with Navigant Research, said: “Players in the residential sector are beginning to discover the opportunity analytics solutions have to offer.
“Currently the market is focused on using analytics to engage customers and gain insight into the home. However, as volumes of data grow and companies further explore use cases for data, Navigant Research expects analytics to enable more advanced functionality, such as home automation, and play a vital role in creating smarter homes.”
In a statement, Navigant Research says it expects revenue generation in the market to reach $1.3 billion by the end of 2017.
According to the report, smart home and data analytics solution providers are currently providing data analytics to consumers for free through customer engagement solutions when they purchase a smart home appliance, business-to-business software or business-to-consumer service.
The development and emergence of new business cases and technologies will enable stakeholders in the smart home data analytics segment to overcome challenges restraining market growth including uncertainty on data privacy and security.
The introduction of new services will also enable solution providers to increase investments in improving consumer awareness on the value of data analytics.
EV infrastructure development
In a separate report, Navigant Research projects $80 billion to be invested towards the development of electric vehicle infrastructure by the end of 2025.
The research firm says it forecast the $80 billion in investments to result in the development of approximately 230GW of EV charging capacity.
Scott Shepard, a senior research analyst with Navigant Research, said: “Rising PEV penetration across multiple vehicle types and into a wider variety of environments and customer segments is creating a lot of room for innovative business models and technologies.
“The market is currently trending toward the development of publicly available ultra-fast solutions, but there is still much ground to be gained in private network development for fleets, apartments, and workplaces.”
Decreases in the cost of batteries and the rising demand for electric vehicles which can travel for long without the need to charge is driving an increase in investments in new EV charging technologies including Direct Current fast chargers and smart grid integrated chargers.
Navigant says investments towards the construction of EV infrastructure will mainly be made by governments, utility firms and automakers over the next three to five years.
Beyond 2022, investments are expected to come from EV owners due to interest in multiple EV charging options which will be available on the market.
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