Smart home data analytics solutions are still emerging and market participants are just beginning to realize the opportunity offered by volumes of data. Smart home device adoption is increasing, data streams are growing, and analytics are beginning to divulge information about what is going on in the home. Analytics solutions not only use data to provide insight into the home, but also create new possibilities for generating revenue and providing consumers with more value.
Currently, the market is focused on using analytics for customer engagement by providing consumers with better information through mobile apps and web portals. Companies are largely offering customer engagement solutions as free analytics bundled with hardware purchases, business-to-business (B2B) software, and business-to-consumer (B2C) services. However, analytics solutions have the potential to be used for much more advanced applications, including automation in the smart home. These types of use cases are expected to develop in the distant future, as the market has many barriers to overcome, such as increasing awareness about the value of analytics and data privacy and security. Yet, Navigant Research believes analytics will contribute to the evolution of the smart home and energy industry. According to Navigant Research, global smart home data analytics revenue is expected to increase from $1.3 billion in 2017 to $11.0 billion in 2026.
This Navigant Research report analyzes the global market for smart home data analytics solutions in the residential space, with a focus on three business models: free analytics, B2B software, and B2C services. The study provides an analysis of the market issues, including drivers, barriers, and use cases, associated with smart home data analytics. Global market forecasts, segmented by business model, device, and region, extend through 2026. The report also examines the technology stack, value chain, and business models related to smart home data analytics, as well as the competitive landscape.