International. New data from analyst Juniper Research found that automation revenue will exceed $57 million by 2024, up from $18 million in 2019; driven by intelligent security solutions.
Juniper's new research, Smart Homes: Strategic Opportunities, Business Models and Competitive Landscape 2019-2024, found that the "Do It For Me" model, with vendors offering advice, installation, maintenance and cloud storage on monthly/yearly subscriptions, is gaining traction. More players now offer subscription packages, which extend the value proposition with additional cloud storage, devices, or superior video quality.
The research found that insurers, utilities, mobile network operators and e-commerce providers will capitalize on their existing relationships, including their trusted brands and billing structures to expand their offerings to include smart home services. However, these vendors will still need to partner with smart home vendors to make this business model viable.
The smart home is also attracting blockchain vendors who hope to solve interoperability and privacy issues that hinder the global adoption of smart homes. However, while blockchain could solve interoperability issues between devices, it would create interoperability issues between different distributed ledgers and add an unnecessary level of complexity in the smart home.
A growing group of competitors
As part of the research, Juniper evaluated 15 vendors in smart home segments, comparing the relative level of their capabilities and offerings in the space. Juniper positioned the 5 leading suppliers as follows:
- Amazon
- Google
- Samsung
- Deutsche Telekom
- TP-Link
Google and Amazon lead the way thanks to their comprehensive smart home solutions, high-profile acquisitions, and widely supported voice assistants. Samsung offers smart home devices through its SmartThings arm. Through its B2B and B2C solutions, Deutsche Telekom has strategically positioned itself in every corner of the smart home thanks to its white label solutions and Magenta platform.
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