New data from Juniper Research finds that automation revenues will exceed $57 million by 2024, up from $18 million in 2019; driven by smart security solutions.
The research group says the “Do It For Me” model, with vendors offering advice, installation, maintenance and cloud storage on monthly/yearly subscriptions, is gaining ground. More players, such as Hive, Vivint Smart Home and TP-Link, now offer subscription packages, which broaden the value proposition with extra cloud storage, devices or superior video quality.
Juniper says insurers, utilities, mobile network operators and eCommerce vendors will capitalize on their existing relationships, including their trusted brand names and billing structures to extend their offerings to include smart home services. However, these vendors will still have to partner with smart home providers to make this business model viable.
The smart home is also attracting blockchain vendors who hope to solve interoperability and privacy issues hindering global smart home adoption, according to Juniper. However, while blockchain could solve interoperability issues between devices, it would create interoperability issues between different distributed ledgers and add a level of complexity unnecessary in the smart home.
As part of the research, Juniper assessed 15 vendors across smart home segments, comparing the relative level of their capabilities and offerings in the space. The research group says Google and Amazon lead the way thanks to their comprehensive smart home solutions, high-profile acquisitions and widely supported voice assistants.
