Home automation is growing more than you might think.
After years of being relegated to niche publications, the security industry is suddenly making major headlines. First there was the news that home security systems are expected to reach revenues of $100 billion by 2020. Then it was announced that the connected home security segment is on track to $15.6 billion within the next four years. And then there’s the relatively new cyber security segment, which is receiving more and more attention as American businesses conduct more work online than ever before.
Now the security industry can add another notch to its belt: The home automation market (a niche market within the broader security industry) is on track to reach revenues of $79 billion by 2022. Why the rapid rise of home automation? Market research suggests it comes down to the following five factors:
The Rise of the Internet of Things
Home automation systems are part of a much larger, cross-industry embrace of the Internet of Things (IoT). For those not familiar, the term refers to a trend in which an increasing number of everyday objects (from phones to refrigerators) can connect to the internet for a variety of purposes. So far, the rise of IoT has exemplified the idea that “a rising tide lifts all boats”. As the IoT grows by leaps and bounds, it’s bringing the home automation industry along with it.
Widespread Use of Smartphones
Part and parcel of the rise of the Internet of Things is the astronomic rise in the use of smartphones. A whopping 77 percent of Americans now own smartphones, and we’re increasingly integrating these devices into the fabric of our lives. Many consumers now expect that the products they use on a regular basis will integrate with their smartphones via apps. Home automation taps into this demand and helps ensure the home security industry keeps pace with consumer preferences and expectations.
Read more at Inc.