The next generation home – the “Transformational Smart Home” – is emerging and will transform life inside homes and reshape the world of consumer services and citizen interactions, says the firm.
“Smart home capabilities are already becoming central to residents’ daily lives,” says Jonathan Collins, Smart Home Research Director at ABI Research. “A swathe of new and emerging technologies will increasingly extend and strengthen that position through enabling a wide range of interconnected services within the home and beyond,”
Alongside technological development, says the firm, social, environmental, financial, and even political change will bring critical mass to speed smart home development and value. In its new report, the firm outlines six major smart home concepts that will drive Transformational Smart Home investment and adoption:
- The Sentient Home: Where the smart home automatically adjusts in real-time to changes to suit a range of criteria, from individual presence/preferences to efficiency and weather changes
- The Cooperative Home: This embeds the smart home in a network of homes integrated within a city/region/nation to manage, control, use, and share resources efficiently.
- The New Lifestyle Home: Has the smart home supporting simple and flexible changes in the use of spaces to support a growing number of activities, even while the home footprint reduces.
- The Home as a Business: Where smart home capabilities enable and support new revenue generating services for residents to leverage.
- The Low Impact Home: Automated control over the selection, generation, delivery, consumption, and disposal of goods and services in a push toward zero environmental impact.
- The Marketplace Home: Defines how smart home management providers will control a key mediation point for companies, industries and service providers looking to engage with consumers.
The push to monetize the rich potential of the Transformative Smart Home, says the firm, will drive the adoption of a wide range of new and emerging technologies. New capabilities across sensing, connectivity, AI, robotics, and more will be leveraged. In addition, an ecosystem of smart home service companies will emerge to assist and manage how new and existing vendors and industries extend the reach of their smart home plays.
“For some, the smart home future seems to be whatever a handful of global consumer technology giants, including Amazon and Google, decide to make it,” says Collins. “But that underestimates the wave of change coming to the smart home market and the opportunities that lie beyond the scope of even today’s largest smart home players.”
Investment in enabling the Transformational Smart Home is evident among consumers and vendors alike, says the firm. Even among the unprecedented consumer upheaval of 2020, the smart home market is expected to deliver 4% growth. The firm estimates that between 2020 and 2026, global smart home spending will grow at a 24.4% CAGR to $317.6 billion.
For more, see the report: “The Transformational Smart Home“
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