Published on : May 18, 2017
Albany, New York, May 18, 2017: Homes around the world are going to become smarter and more connected over the next five years. With time, home automation is expected to be considered as means of gaining a larger control over aspects such as saving on energy, security and a measure of enhancing convenience. Market Research Hub (MRH) has recently announced the addition of a new study to its vast archive, which majorly focuses on the connected home market, especially in the U.K., therefore titled as “The Connected Home- UK - May 2017”. Additionally, the report provides insights into market drivers, issues, hidden opportunities in the market and competitive threats.
Initially, the report starts by defining the market overview of connected homes along with the detailed analysis of consumer behavior towards the technology. A smart home is one that provides its homeowner's security, comfort, energy efficiency and convenience. A connected home is a smart home concept, in which a network is created to enable the interconnection and interoperability of multiple devices, services & apps, ranging from communications and entertainment to healthcare, security and home automation. These services and apps are distributed over multiple interlinked and integrated devices, sensors, tools and platforms. The technologies behind the connected home mainly include Media and entertainment, Energy management, Home security, Networking, Healthcare, Fitness and wellness. Most connected homes are organized via a web interface to access all devices even from outside the home, i.e. from the office or via your mobile phones.
According to the findings, it has been analyzed that the high standard of living and growing disposable income of the people in U.K. are encouraging the growth of the connected home market. But, currently, the connected home concept is still in the early adopter phase. As customers in the region are seeking technically advanced electronic and digital gadgets, the market for a connected home will witness a steady growth. Consumers in U.K. are relatively positive about interactions with unfamiliar smart technology and also for the leading players there are opportunities with older consumers. There are already tons of companies getting in on the action with no signs of slowing down. Moreover, the report also points out the major consumer’s interest in features of smart/connected devices, which are:
- Voice controlled speakers and smart hubs get consumers interested in smart features
- Data privacy second only to technical support
- Out-of-home interactions seen as the most worth paying for
- Half want to try connected devices themselves
- Education can help demystify the connected home
Two-thirds of UK consumers think the Internet of Things (IoT) could make their lives better, but only half of customers own a connected device because they are not aware of the features of connected home. Connected homes have smart appliances, connected lights, streaming media players and much more.
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Moreover, the research highlights the major market drivers along with some factors impacting the likelihood of purchase and security concerns about smart/connected devices.
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