Much of the potential of the smart home market remains unfulfilled, study shows

The advent of smart home technology has forever altered the landscape of the residential security industry. Due to the proliferation of smartphones, today’s consumers want to have the ability to interact with systems installed in their home in a more meaningful way.

Whether that is controlling the temperature in their house while they are away or arming their security system remotely from the office, these types of features are no longer considered “nice to have” but rather “must haves” for home security providers. In fact, a recent study conducted by NextMarket Insights forecasts the combined do-it-yourself (DIY) smart device home and managed smart home services market to be worth nearly $17.5 billion by 2019.

However, despite all of the advancements that have been made in connected home technology, the “Mass Market Smart Home: Examining Use Cases to Drive Smart Home Adoption” study, which was sponsored by Vivint, also found that much of the potential of the smart home market remains unfulfilled because vendors, by and large, have failed to tap into some of the most relevant use cases for these systems. Specifically, the study looked at three particular use cases for smart home technology – eldercare, pet care and childcare – all of which have been somewhat underserved and therefore hold a great amount of potential to drive greater mass market adoption moving forward.

According to Michael Wolf, founder and chief analyst of NextMarket Insights, there has been a wide range of companies bringing solutions to the smart home market and while many of them offer a lot of bells and whistles, the fact is that a lot people find them to be nice but not really necessary.Read more