Transformational Growth Hubs and Disruptive Innovations in IoT and Smart Homes
In a fast-expanding landscape, firms find growth leveraging data
The IoT is connecting functions in the home, adding intelligence in a drive towards the ideal Smart Home. Smart Home devices and services are not simply connecting but adding intelligence, leveraging automation and optimization to achieve greater efficiency and personalization, and overall they seek to create a seamless and frictionless experience for users. The Landscape of Smart Home products is seeing significant startup activity in some segments: Safety & Security, Home Utilities, Automation & Interface, and Health & Wellness. This study surveys the ecosystem and considers the factors impacting growth, with a focus on startups. Innovation is cropping up around the edges, as new market entrants create new devices and services in parallel with complementary smart home devices and user interfaces. Hardware will increasingly become a hook for service providers and interested stakeholders to access users and collect data. Consumers may not truly own, or be able to use the device, or access the full feature set, without a subscription. A single device or application may become the automaton hub and primary interface for interacting with all devices in the smart home. Broad interoperability may evolve, from either consolidation or cooperation. Certain dependencies or functions (e.g., energy or water management) may unify around common standards first. Startups are seeing success partnering with larger interested stakeholders (i.e., utilities, insurance carriers) to leverage data generated by devices in the home to drive efficiency, create new offerings, and gain insights.
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