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Rising Smartphone Penetration to Create Opportunities for the Smart Home M2M Market in the US Through 2020, Reports TechnavioTechnavio analysts forecast the smart home M2M market in the US to grow at an impressive CAGR of over 35% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global smart home M2M market in the US market for 2016-2020. The report considers the revenue generated from solutions that have a smartphone application or a web portal for the user interface. These include M2M platforms, solutions, and services in the energy management and climate control systems, home appliances, lighting control systems, home entertainment systems, security and access control systems, and healthcare systems. Technavio ICT analysts highlight the following four factors that are contributing to the growth of the smart home M2M market in US:
Rising smartphone penetration The US is the world's largest 4G market. Currently, it has 80% smartphone adoption rate with respect to its population. Increasing smartphone data usage is driving the connected home appliances market by remote monitoring and controlling of devices. The well-designed embedded software in smart home appliances is catering to the changing demands of the consumers by performing automatic tasks upon receiving control signals through the connected network. Many leading companies such as Samsung (News - Alert), LG, and GE are competing with each other in terms of technological advances in connected devices. LG has introduced a line of home appliance devices under the name Smart Thinq. LG's Smart Thinq refrigerator prepares a diet program for different profiles and plans automatic order replacements. "In the event of there being any problems with an appliance, LG Smart Diagnosis assists users in identifying and troubleshooting the issues without hassle. The Smart Adapt feature allows for the customization of appliances in line with the changing needs of the household," says Rakesh Kumar Panda, a lead analyst at Technavio for M2M and connected devices. High availability of home broadband connectivity In 2015, the total number of homes in the US was almost 123 million, of which nearly 91 million had broadband connectivity. Reliable and efficient network connectivity helps in the proper monitoring and controlling of home appliances. Smart home systems are gaining traction with the advent of high-speed Internet services from leading ISPs such as AT&T, Comcast, Sprint (News - Alert), and Verizon. Almost 15% of the households with broadband connectivity use smart home systems. Major companies such as Samsung, LG, and Panasonic are capitalizing on smart home technologies to attain a first-mover advantage in the market. "Most of the smart home appliances function efficiently using wireless connectivity. High penetration of Wi-Fi connectivity in residences is fueling the adoption of smart home appliances as numerous devices can be added to the home network easily without the use of external controllers," says Rakesh. Increased use of smart TVs Smart TVs are television sets that have a built-in camera, an Internet connection, and a manufacturer-controlled operating system. Many players operating in the traditional TV market are also manufacturing smart TVs. Currently, smart TVs account for a 47% share of the US market. The share is expected to increase over the next few years with smart TVs offering the added functionality of a computer. TVs that do not have a built-in connection and use a plug-in device to access the added functionalities and Internet features are called streaming devices. These devices offer an easy and inexpensive way to stream Internet videos, which is a significant advantage over traditional TVs. Over 29% of the US households adopted smart TVs in 2013. The declining prices of these TVs will further increase their adoption over the forecast period, which bodes well for the smart home M2M market. Rise in adoption of thermostats Programmable thermostats are devices used to adjust the room temperature to the desired level automatically. They are used for energy management inside a house. These devices allow the user to set the temperature inside the house from a remote location using a smartphone or a tablet. The heightened demand for these devices comes from energy and utility retailers. With the increasing need for programmable thermostats, the shipment of these devices is rapidly increasing in the US. In general, heating and cooling applications result in high electricity bills. Therefore, programmable thermostats and zone-based thermostats provide energy efficient solutions to overcome high energy costs. Users can save an average of USD 180 per year by implementing home automation solutions. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected]. View source version on businesswire.com: http://www.businesswire.com/news/home/20160628005112/en/ |
