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Connected products driving smart home growth

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Wednesday, January 25, 2017

The vision of the truly intelligent home where your security system and all of its connected smart home devices, from Siri to your stove, can be controlled by your smart phone, is starting to become a reality.

This leap in technology is good news for the industry, and good news for dealers, who are finding that this brave new world of connected devices is fueling interest in security systems, especially from customers who want to know how the two can work harmoniously together. And this is making for “stickier” or more loyal customers.

Following Parks Associates’ research that came out of the Consumer Electronics Show earlier this month showing approximately 26 percent of U.S. broadband households today now own a smart home device—up from 19 percent at the end of 2015—several more studies on the growth of the smart home have popped up.

For example, a new report out this week from Zion Market Research, titled “Smart Home Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022,” finds that the global smart home market—valued at around $24.10 billion in 2016—is expected to reach approximately $53.45 billion in 2022, growing at a CAGR of slightly above 14.5 percent between 2017 and 2022.

“The advanced technology has enabled various devices to be connected and controlled by one device and this technology is used by smart homes. Homeowners are enjoying more convenience and comfort from basic security monitoring and customized access to window coverings, appliances, lighting, irrigation, entertainment systems and many others," according to Zion. "Prominent drivers of smart home adoption are energy efficiency, home security, entertainment, convenience/productivity, remote health monitoring and connectivity.”

Speaking of connected home appliances, the U.S. market is expected to grow at a CAGR of 39.47 percent during the period from 2016-2020, according to another study released this week, this one by Wiseguyreports.com.

“Connected home appliance companies are focusing on the untapped consumer segments to boost market revenue,” according to the study. “The market is expected to witness rapid growth in the forecast period due to the increased awareness of connected devices.”

Just when you thought that there couldn’t be another report on connected home devices, there is even one on the global smart home shade market, which is also set to grow rapidly in the coming years. According to Technavio, the global smart shade devices market is expected to grow at a CAGR of close to 90 percent during the forecast period from 2017-2021. The study considers revenue generated from the business-to-consumer (B2C) and business-to-business (B2B) of smart shade devices to individual customers in the global market to calculate the market size.

Region wise, North America leads the market, holding a share of almost 50 percent in the market (2016 figures).

“The region is currently witnessing an increased adoption of smart homes and related devices, owing to the benefits associated with their use,” according to Technavio. “Additionally, consumers are increasingly adopting window-covering products that can be controlled automatically or by the intervention of electronic remote control equipped with wireless technology or by smartphones and tablets. These factors are impacting the high penetration rates of smart shades in the market segment.”

Report: Global residential security to break $30 billion

Technavio points toward Internet of Things and residential cyberconcerns
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11/09/2016

LONDON—Technavio recently released a report on the residential security market, from 2016 to 2020, which projects growth for the North American market.

Global smart home market to see strong growth

Americas region to grow at a CAGR of 32.43 percent
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09/14/2016

LONDON—The global smart home M2M market, which was at $19.5 billion in 2015, is set to grow to $96.5 billion by 2020, at a CAGR of nearly 35 percent, according to a recent study from global research firm Technavio.

Cloud services, IoT driving data center market growth

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08/25/2016

LONDON—A new report from Technavio forecasts the global data center market to grow at a CAGR of close to 11 percent during 2016-2020, driven by increased spending on cloud data centers, growing IoT and increased use of big data analytics.

Security in the retail sector on the rise

Retail to join government and hospitality as top vertical markets
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08/05/2016

LONDON—Across the globe, retail spaces will purchase more physical security measures, such as cameras and EAS (electric article surveillance) systems, and the Americas will be a strong region in the forecast period from 2016 to 2020, according to a July 28 report from research firm Technavio.

US leads global VSaaS market to 2020

Cloud video expected to hit $2.5b in Americas region by 2020
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06/15/2016

LONDON—Now, and for several years to come, the United States will have the largest share of the global VSaaS market and the most common application will be in the commercial space, according to a Technavio report on the global VSaaS market from 2016 to 2020.

US resi smoke detector market to hit $600 million

Texas, California and Florida are key growth geographies
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03/18/2016

LONDON—Between 2016 and 2020 the residential market for smoke detectors will grow, according to a recent Technavio report, and technological trends in the market will shift dramatically.

Technavio identifies four connected home trends

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03/04/2016

LONDON—Technavio’s latest report on the global connected home security system market provides an analysis of four emerging trends impacting the connected home security system market through 2020.

Biometric access control to see double-digit growth

Contactless scanners are an emerging technology among biometric solutions
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01/20/2016

LONDON—The global and North American markets for biometric access control systems will see double-digit growth rates from 2015 to 2019, according to a recent Technavio report.

IoT, drones to drive wireless video surveillance market

Twenty percent CAGR expected in Americas, 21 percent CAGR globally
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10/28/2015

LONDON—The wireless video surveillance market will grow across the globe, according to market research firm Technavio, and IoT and drones will play a big role in that growth.

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