Residential IoT market to reach US$117.3bn in 2026

metering.com 30 MAY 2016

A new report by Navigant Research states that the residential Internet of Things (IoT) market is expected to grow from US$26.5bn in 2016 to US$117.3bn in 2026.

The residential Internet of Things market includes connected devices that help automate their homes and boost energy efficiency, enhance comfort and security.

Navigant Research expects this IoT trend to grow in the next several years as industry stakeholders meet demand for integrating disparate devices and in-home systems.

According to a company release, the market research and consulting firm notes that overall revenue from residential IoT device shipments is expected to grow four times in the next 10 years.

Smart thermostats and electric vehicle (EV) charging systems are touted to be among the numerous products consumers are looking to connect to their homes. Navigant notes that while there are many devices being connected in the home, consumers face the challenge of how to integrate devices.

Other devices analysed in the residential IoT market include smart meters, connected lighting, smart appliances, security systems, smart plugs, solar PV systems, and onsite energy storage systems.

Smart home services

In March this year, South Korea’s SK Telecom signed a MoU with equipment provider Kocom, which was said will see the operator “dominate smart home services market by 2020.”

The deal follows a steady stream of news issued by the operator who in the same week, partnered with Samsung Electronics to transform the South Korean city of Daegu into a IoT test hub.

SK Telecom believes that it can secure more than 50 per cent of the local smart home services market for new homes in four years.

Adding to its deal with Kocom, SKT previously signed agreements with home automation company Commax in September last year as well as Hyundai Telecom in November 2015.

The company believes that the three agreements assist it to capture more than half of the market by 2020.

SKT and Kocom will assist each other to develop their intelligent home businesses, including the development of intelligent home network systems and smart light-emitting diode lighting equipment.

Cho Young-hoon, VP of SK Telecom’s smart home business unit stated: “We will work to provide smart home services to more than 50 percent of newly-built houses by 2020.”