Residential IoT device revenue to reach $67.7 billion in 2025
A new Navigant Research study has predicted that revenue from residential Internet of Things (IoT) devices will reach $67.7 billion (£44.4bn) in 2025, up from $7.3 billion (£4.8bn) in 2015.
The IoT is already well-established in residential settings. Smart meters, thermostats, LED lights, and other appliances and security systems offer wireless or wired connectivity to share and utilise data more effectively.
According to the report, the driving factors for the residential IoT market's growth include a desire to enable devices to share and communicate data for improving efficiency, automation, comfort and security. As a result, several major companies are focusing on IoT.
Smart meter firm Itron, for instance, has formed a developers' community for its distributed intelligence platform, Riva. The community will be used to speed up the development of new software and applications for the platform. Mobile phone applications are also being developed and used for remotely unlocking doors, viewing energy consumption data, and more.
The report also identifies key challenges in the residential IoT market, global market opportunities for growth, key technologies associated with the market and the competitive landscape. It addresses key drivers and inhibitors, key trends in the market, the most important types of devices, the size and technical issues that shape the residential IoT market and the forecast of device shipments. The report also identifies key vendors at present.
You can find out more about the report here.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.
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