We’re one
step closer to living like the Jetsons.
According
to a study released today
by marketsandmarkets, the smart
home market will
reach $71 billion by 2018 — up from $33 billion in 2013, and $25
billion in 2012.
While
this $71 billion figure seems large, it’s a rather modest estimate if you
consider marketsandmarkets ; the firm predicted in 2013
that revenues would hit $60 billion by 2017. In fact, if the industry
does not accelerate any further and continues its 2014 growth rate of ~$8
billion per year, it will easily surpass Juniper’s predictions.
According
to the new report, entertainment will be the main driver, accounting for as
much as “80% of total Smart Home service revenues” — an interesting find,
considering the push for smart appliances, like smoke alarms. More along
these lines, Juniper states that “no single stakeholder [will] be able to
dominate thanks to the number of verticals within the home.”
Imperfect
analysis
Amid all
of this smart home excitement, some research firms are genuinely struggling to
define and measure the sector. A report published
in 2012 by Allied Market
Research, for example, valued the industry at just $4.8 billion. The smart
home market balloons in size if you include the service providers that supply
products like smart TVs with content, as Juniper has done. Still, in defense of
AMR, it’s potentially inaccurate to define Netflix as part of the smart home
industry — even if it is currently a key aspect of the experience.
Despite
these discrepancies, however, it’s clear that the smart home market is becoming
increasingly measurable as it grows — if you focus on concrete deals like
Google’s recent acquisition of Nest for $3.2 billion. Judging simply by the
investments of companies like Google, Microsoft, and other industry giants,
it’s easy to see why mouths are watering over the smart home gold rush.
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