It’s no secret the next boom in tech will likely come from the rise of the Internet of Things. As companies continue to make strides toward raising the IQ of their goods, American manufacturing is primed to produce a new wave of “smart” consumer products. The most immediate part of the ‘Internet of Things’ revolution comes in the form of home automation.
Up until now, there has been some initial success among first generation home automation devices. In 2014, the global home automation market was valued at roughly $4.41 billion. That said, high prices, complicated tech, and less than impressive user experiences of have left many in the marketplace waiting for more efficient next generation products.
While it is true that consumers have been transitioning slowly to home automation products, a recent report from HIS Technology makes a compelling argument that this is about to change.
Analysts predict that between now and 2018, we can expect to see over 45 million more smart home devices installed in homes around the world. Even more impressive, at its current projected pace, the global home automation market is set to surpass $21 billion by 2020.
The future looks very bright for the home automation industry. That said, it will be brightest for those companies who can most effectively solve some of the drawbacks currently associated with existing home automation products.
That’s why we surveyed 2,600 Betabounders, to find out more about who’s investing in automation products and why! Check out our infographic below for the results of our survey. Continue to follow this blog for more in-depth analysis and information on the future of home automation over the coming weeks.