More than 80 million smart homes technology products were sold worldwide in 2016, according to a CNBC report, and device sales this year are predicted upwards of 130 million.
The increase in smart homes technology and connected home devices can be attributed to the fact that they are synonymous with convenience. However, the impact of a connected home also means an increase in:
Yet for the consumer to feel the full gamut of benefits it is necessary for platforms, devices, and applications to come together in one IoT ecosystem.
Smart homes technology that adapts to the needs of different homes will encourage people to invest and extend their individual systems, creating a customized smart home that cares for its inhabitants, whether the solution is an open-source industry standard, vertically-integrated proprietary system, or something else entirely.
This is an opportunity for companies.
Those that can power one IoT platform, work symbiotically with other manufacturers, and put these pieces together seamlessly, will reap the rewards with increased adoption by homeowners.
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Customized smart homes technology and data analytics are a crucial part of the IoT's business value.