Top 3 Trends Impacting the Global IT Spending in Smart Home Market Through 2020: Technavio

LONDON--()--Technavio’s latest report on the global IT spending in smart home market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

Amit Sharma, a lead analyst from Technavio, specializing in research on IT spending sector, says, “The global IT spending in the smart home market is projected to reach USD 91 billion by 2020, growing at a CAGR of more than 18%. IT spending in the smart home market is driven by the adoption of key technologies, such as artificial intelligence, robotics, analytics of things, mobile applications, M2M communication systems, and the Internet of Things (IoT). IT plays an important role in the end-to-end management of smart home devices, solutions, and support services.”

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The top three emerging trends driving the global IT spending in smart home market according to Technavio ICT research analysts includes:

  • Emergence of artificial intelligence
  • Rise of smart robotics
  • Increased adoption of voice controlled intelligent systems

Emergence of artificial intelligence

Artificial intelligence (AI) technologies are widely used to build and connect smart connected devices. AI technologies control and monitor smart connected devices in real-time environments. AI solutions enable smart home devices to detect the signals that are received through remote controlled devices (such as wearable devices) to control the functioning of home appliances, devices, and security systems.

The AI market is heating up in the development of smart connected devices. The opportunities in this market were estimated to exceed USD 145 billion by the end of 2015. The AI market itself is full of opportunities for vendors and smart home OEMs such as Samsung Electronics. Such companies are planning to invest in AI solutions to build next-generation intelligent devices. Leading cloud computing vendors such as Amazon Web Services and Microsoft have also invested in AI solutions and machine learning technologies. Cloud computing has become an essential component in smart home technologies because the cloud offers both applications and storage solutions. Additional investments in AI, powered by cloud computing solutions, will provide a competitive edge to leading vendors.

Rise of smart robotics

The development of robotics technology to monitor and perform tasks such as home cleaning is the most advanced technology used in smart home systems. Intelligent systems can communicate effectively with the help of robots utilizing artificial intelligence solutions. Home monitoring cameras that are controlled by robotics technology enable users to track and monitor real-time scenario inside smart homes. Home monitoring robotics such as Vyo, a superintendent social robot developed by iPATROL Inc., eliminate human intervention for smart home management. Vyo basically acts as an interface to manage smart homes through gesture recognition technologies. Social robots are being developed by robotic experts to enable robots to work in a home environment. Social robots developed will be used to perform home tasks by communicating with smart home appliances and also with their controllers.

Increased adoption of voice controlled intelligent systems

Voice-controlled intelligent systems are implemented to control and automate smart home devices through voice commands. Voice-controlled intelligent smart home devices are programmed by entering the code to perform a specific task in the home. Voice recognition software solutions are widely being implemented in smart home devices to control the appliance through voice recognition technology.

Popular voice recognition systems such as Amazon Echo, Apple's Siri, Google Now, and Microsoft Cortana are popular among the smart home solution providers. “Voice-activated smart home systems, provided by ABB enable users to control the home appliances through voice commands as per the users' choice. Innovation in the voice intelligent systems has attracted software developers to simplify the communication systems in smart homes,” says Amit.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio’s latest report on the global IT spending in smart home market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com