According to a new report by market research company Technavio, the global market for Internet of Things (IoT) devices will generate revenue of up to US$44bn over the next four years.
The development of the sector has popularised intelligent devices such as thermostats, glass, lighting and watches, says the UK-based firm.
It adds that the Americas currently dominate the worldwide market for IoT devices, accounting for 49% of overall market share. Technavio attributes the growth in adoption of IoT in America to rapid advances in technology and changing consumer preferences over the use of electronic devices.
Navin Rajendra, industry manager, hardware and semiconductors at Technavio said: “One of the interesting trends that this market is witnessing is the growing demand for energy efficient equipment.
“Vendors are offering smart thermostats that are equipped with intelligent sensor systems that detect users’ cooling and heating requirements.”
Smart devices for improved energy usage
Technavio states that IoT devices have the ability to adjust power consumption as per user’s requirements, as well as regulate household power usage and lower expenses.
Smart thermostat vendors, are reported to be creating user-friendly devices for seamless installation.
The report predicts that the smart lighting system segment will make up for more than 45% of the total market share by 2019.
It says that the increased focus on energy consumption and the introduction of strict government policies regarding energy consumption are the key growth factors in this segment during the 2015-2019 forecast period.