To learn more about how smart homes can help your business, join us on June 25, 2015, from 3:45 – 4:45. Glenn Renner will moderate the Design panel session “How the Internet of Things Will Change Homes and Homebuilding,” featuring top industry professionals.
The Internet of Things (IoT) has been leading the list of buzzwords this year, calling to mind Jetson-ish homes staffed by robots or managed by a Captain Kirk-worthy command center. But smart homes are no longer a kitschy fantasy. The smart home market is becoming big business, managed by real-life command centers that reside in the smartphone that never leaves your customers’ hands.
In 2014, the market for smart home products reached $20.38 billion in sales and by 2020, it’s estimated to swell to nearly $60 billion. New products are streaming into the marketplace, bolstered by advances in technology that make products increasingly affordable and user-friendly. As a result, industry experts estimate the IoT market will measure in the trillions by the end of this decade.
Today, about one-third of overall smart home dollars are spent on safety and security, while the home entertainment segment claims about 25 percent of the overall market share. HVAC is rapidly gaining, as competition and better technology increase affordability. With the market currently at $100 million, Air Conditioning, Heating & Refrigeration News predicts the smart thermostat market could reach $1.4 billion by 2020. Lighting, sprinkler systems and hubs that allow communication among products round out the current marketplace, but “for many homeowners, the only limit is imagination,” according to Matt Carter, a South Carolina-based consultant and electronic systems contractor and spokesperson for Custom Electronic Design & Installation Association.
In total, nearly 20 percent of homeowners are using at least one automated feature in their homes today. And the future is wide open. Nearly half of consumers want some level of connectivity in their next home, according to ERA, suggesting that smart builders can bank on smart homes.
Join Glenn's panel in the Design education track when he presents the session "How the Internet of Things Will Change Homes and Homebuilding," on Thursday, June 25 at 3:45 am.