BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the global market for residential Internet of Things (IoT) solutions, including connected devices, software, and services, providing global market forecasts, segmented by device type and region, through 2027.
As residential IoT technologies continue to emerge, they are becoming fundamental to supporting connectivity, communications, and interoperability in the home, through concepts like the smart home, as well as a variety of other business models and use cases that have been brought to life. The market represents a large opportunity for stakeholders that can capitalize on connectivity and technology with access to more data than ever before. Click to tweet: According to a new report from @NavigantRSRCH, global annual revenue from residential IoT device sales is expected to increase to $167.2 billion in 2027.
“IoT is a term that has gained mindshare because of the possibilities it presents around connectivity,” says Paige Leuschner, research analyst with Navigant. “There are more connected devices and data than ever before, and the industry is only beginning to scratch the surface of opportunity IoT has to offer. IoT is already present in the home, and it continues to gain momentum as technologies emerge that empower consumers to better monitor and control their lives.”
According to the report, residential IoT growth is largely expected to come from the Asia Pacific region, where sales are forecast to increase from $19.1 billion in 2018 to $65.5 billion in 2027. Meanwhile, North America is expected to contribute $42.3 billion in revenue by 2027 and Europe is expected to reach $51.7 billion.
This report, Residential IoT Market Overview, examines the global market for residential IoT solutions, including connected devices, software, and services. The study analyzes the market drivers, barriers, trends, and use cases associated with residential IoT. Global market forecasts, segmented by device type and region, extend through 2027. The report also explores the key technologies and device types related to residential IoT, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Residential IoT Market Overview, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
