Smart home automation will be almost a $1b market by 2017
The smart home automation market will generate close to $1billion in device revenues in Australia by 2017, according to tech analysts Telsyte.
The release of new and affordable DIY smart home automation devices that work on a home’s existing wi-fi network is driving customer demand.
Telsyte’s study reveals lower cost devices, easy wi-fi installations and energy management are the factors that are increasing the adoption of smart home automations systems.
These products include smart light bulbs and light switches, home wireless sensors, smart security (sensors for locks and doors), smart gardening (monitoring and irrigation) and smart connected home hubs.
These products are also appealing to all type of homeowners whether they are in an apartment or a house or if they are owners or renters.
Homeowners are embracing smart home automation with Telsyte survey responders believing these products can increase the value of their homes.
Telsyte predicts these products will run up more than $160m in revenue in 2014 with this amount growing to $917m by 2017.
Smart hubs – devices designed to connect all of the home automated devices in one place – will be the largest growth segment and account for 40 per cent of the total market value by 2017.
These hubs will be programmable through the cloud as well as through smartphones and tablets from anywhere.
The successful centrepiece of this technology will also be multi-purpose, multi-connected and also based on common standards and not reliant on any particular manufacturer.