Smart home, hardware and services will be responsible for generating $83 billion this year, a number which is expected to rise to $195 billion by 2021, new research from Juniper Research suggests.
The popularity of smart entertainment, automation, healthcare and connected devices will be responsible for generating this revenue. Of these, data from Juniper Research’s latest study also states that automation and smart appliances will be the two fastest growing segments over the next five years. This growth will be driven by the likes of Samsung, Bosch and GE Appliances, according to the market researcher.
Juniper Research has ranked the following vendors in regards to product development, innovation, success of partnerships and adopted business models:
2. Samsung Electronics
The research firm believes Amazon’s approach to cloud services and ecommerce makes it a prime contender in the smart home market. Research author Sam Barker said: “The company has managed to maximise its value proposition for Alexa by partnering with a large range of complementary players in the market, whilst utilising its own cloud platform to set Echo and Alexa apart from its competitors in terms of functionality.”
Additional findings of Juniper Research’s study showed revenue share from established segments and smart entertainment like theater systems will slow down, but smart appliances and home automation will gain momentum.