The idea of a smart home aims to facilitate its owners with security, comfort, and convenience. With the help of an automated system, you can easily control all your devices by your smartphone. You might as well schedule on/off lights, shut off your curtains and monitor your home even if you are far away.
A smart home is defined as a house that has an interconnected system where most appliances are remotely controlled. Some of these appliances include light bulbs, thermostat, TVs, air conditioners and camera systems.
With the help of built-in monitoring systems, you can keep a check on your activities from all the connected devices with a smart home hub. After analyzing your daily routine, you can become aware of the habits that can be changed. This way, you can make necessary amendments in your life and save a lot of your time and money.
What is IoT (Internet of Things)?
Internet of Things has greatly affected how we operate in our daily life. Simply put, IoT is a huge network of interconnected things or even people, with the help of a Wi-Fi connection.
The Idea of IoT
- One device that is connected to another device.
- One device that is accessible to people.
- People that are able to reach other people using their smartphone.
Reasons Why IoT has Emerged
- The cost of a simple Wi-Fi connection has decreased.
- Many devices have built in sensors.
- The use of smartphones has become a common phenomenon.
As long as your appliance has an internet connection, you can control it with your smartphone. Internet of Things has enabled humans to travel faster than usual and run chores at any time they want. Now, you can have access to your home, your car or even turn off your kitchen lights (if you forgot) from your smartphone or tablets.
Many IT enthusiasts are now seeing IoT as an inevitable breakthrough, especially for smart homes. Now, you can create virtual connections and build cybersecurity walls around your home.
Analysing Your Own Data
Smart homeowners can collect their own data from the log history of all connected devices. After careful analysis, they can improve their way of life. Furthermore, they can also devise smart ways to save their time that can be used for other productive tasks.
How IoT &smart home will change the way we live
Many people are viewing IoT as a force that will create a massive impact on the world.
- You can plan ahead of the time.
- You can regulate hot and cold temperatures.
- You can improve home security.
From cooking to cleaning, everything will run quite systematically and just the way you desire. Some people might argue that smart home devices are quite expensive than other traditional devices. However, if you consider the future, the cost is worth the risk.
How will it help Conserve Energy and Reduce Costs?
Only few appliances need to be run in the background. Other than that, you can turn off any device that has limited use. This is going to save a considerate amount of energy. There is also a possibility that some appliances might require less maintenance with the passage of time. Considering this, smart homeowners can expect to do some savings.
More Connected Devices, More Convenience
People who have set up a number of devices at their home can experience more convenience as compared to others.
- With some devices, you can automatically adjust the temperature. In case you are out of home, you can use a far-field sensor that will determine the temperature and time.
- A large number of security locks allow you to keep a check on any odd activity.
- With some smart cooking pots, you can also prepare your favorite meals while giving instructions from your smartphones. (That is the future)
And the list goes on.
Almost every device is easy to install and comes with an easy to understand user manual.
Major Smart Home Companies
The top companies that have been pioneers in making smart home devices are as follows:
The market estimates of IoT
During the recent time, the total cost of processors, networking and sensors have become increasingly low.
Many big companies like Amazon are now supporting IoT by adding a little network modification. This is the main reason the concept has been increasingly simplified and it has reduced the cost of network activity.
The Internet has the capacity to contribute at least 10 trillion to GDP, that too, worldwide.
Great Economic Growth
According to an estimate, over the next 20 years, it might reach upto 19 trillion. This scenario is going to increase the economic value in the year 2020. Many IT experts are considering this as one of the largest economic growth in human history.
These magnificent estimates about the development of IoT devices and gadgets have created hype in the media as well.
IoT: Talk of the Town
Gartner, a professional prognosticator is of the view that the IoT related product manufacturers might produce revenue of almost $300 billion by the year 2020.
IDC, on the other hand, has predicted that the global market for IoT companies might witness an uprise from $1.9 trillion to #7.1 trillion by the end of 2020.
Many searchers are now planning to shift their focus to the initiation of smart wearable devices as well as connected cars.
Research by HIS Automotive:
It is expected that the total number of cars (connected to the internet) will reach to 152 million in the year 2020.
The researchwas done by Acquity Group:
- By the end of year 2019, many consumers intend to buy smart devices for their home.
- On an estimate, around 43% people are going to install smart thermostats in addition to other appliances.
As per Machina Research, the electronics market will reach upto$7 billion in 2023 after continuously producing annual revenue of $700 billion.
According to Navigant Research, the global sale of smart meters is going to rise from 313 million to around 1.1 billion by the end of 2022.
The market estimates of smart home devices
On an average, the market size of the smart home market will reach up to$40 billion by the year 2020.
Around 37% of consumers are going to use smart appliances by the year 2022. Similarly, 25% people will buy smart energy meters in their houses. Nearly 13% will adopt the trend of wearable devices. Around 10% will purchase smart healthcare devices. Only 5% are expected to make no changes in their current lifestyle.
Global Forecast for Global Home Automation Market
In the year 2020, the home automation market worldwide will reach$21 billionat a rate of 26.3% between 2013 and 2020. In the year 2013, the market size was 4.4 % on an average.
Along with that, the average devices will grow to almost 31 billion in the year 2020. This is due to the fact that the demand for these devices has been increasing at a fast rate. Not to mention the advancements in IoT that have been considered as one of the main factors to globally drive the smart home market. The growth has also been possible due to the low costs of internet connections and its easy accessibility to the common man.
Heating, Ventilationand Air Conditioner Market
The HVAC market has been able to gather the highest market revenue share in 2016. Many experts are suggesting that it is expected to remain the same in the coming years.
Predictions for IoT and smart homes in 2018
Many smart home users are generating data and able to perform real-time communication to generate effective results. According to the estimates mentioned above, the total numbers of smart home technologies are expected to become double by the year 2020.
Why is that so?
When smart home technology first arrived, the companies were unable to extract much information from the user data. However, things have quite changed now.
Now, with the help of cloud computing, smart home companies have access to loads of usefulinformation. With the help of this information, they are able to determine user’s preferences and in this way, these companies generate insightful recommendations.
They are also able to make informed decisions and point any flaws in their manufactured gadgets. The only thing these companies need to do is to prioritize and streamline tons of big data that is available. This way, they can generate alerts and push notifications according to user’s requirements.
Keeping above perspective in mind, here are few predictions for IoT as well as a smart home for the year 2018.
Main Focus will be on Increasing Security
Around 71% consumers have reported the fear of their information being stolen by online intruders. They are concerned that through these smart home devices, their information has become quite vulnerable. Therefore, the primary focus of these companies is going to be on enhancing security measures. Many IoT professionals are now looking for ways to build cyber walls that will protect consumer data.
Softwares Specifications will become more than just Hardware
It is a fact that hardware has been considered as the main pillar of household products. Back in the day, when someone purchased a product they used it and normally changed the device whenever there was a newer version of the market.
However, many scientistshave now been able to develop smart devices that will only need virtual updates. This groundbreakinginnovation is expected to become very common in the coming year. In 2018, you can witness unprecedentedtechnology with the help of necessary integrations.
The Unlimited Benefits of Integration
- Smart home consumers will be able to acquire better features.
- The existing hardware will keep its value for years to come.
- You will only need upgradedsoftware to get the latest update.
Smart Home Companies will be Within Everyone’s Reach
There was a time when only IT professionals saw the value of a smart home. However, with the passage of time, general public is considering the momentum of this emerging concept. If this remained the case, all the smart home companies that were once considered as expensive brands are going to become everyone’s top priority. If you consider the countless benefits and ease that come after adopting a smart home technology, then you might be willing to spend a few dollars.
Another important factor is that now many companies are manufacturing smart home products. Some of which are quite cost effective and within everyone’s reach.
In a case like this, the smart home market can expect to reach places and we might foresee the development of a smart city.
- Multiple IoT markets will consolidate and will offer more integrated platforms.
- More and more people will become aware of the benefits of augmented reality and adapt this concept later on.
- Smart home devices will help make your home more eco-friendly.
- A more intelligent cyber security system will be built with the help of latest security tools.
5 trends in smart home technology 2018
A Final Word
With each passing year, our lifestyle is becoming more convenient due to the continuous progress in IoT as well as smart home technology. Smart homes, if operated properly, can help you manage your finances as well. Along with that, you can expect to save energy consumption at your home, with the help of your data analysis.
Considering all the key factors and future predictions in mind, we can see a more interconnected system that will take over the manual operations and everything else in the process.