A perfect storm of home centric tech connectedness is producing buoyant forecasts for players in the connected-home field. According to a new report from BI Intelligence, connected-home device sales will drive over US$61 billion in revenue this year, rising at a 52% compound annual growth rate to reach $490 billion in 2019.
The realm of the connected-home device market include all smart appliances, safety and security systems such as internet-connected sensors, monitors, cameras, and alarm systems and energy equipment like smart thermostats and smart lighting. Increasingly it is also extending to personal health monitoring.
This connected-home category comprises around a quarter of the shipments within the broader Internet of Things category this year, but is set to increase to 27% in 2019 based on BI forecasts.
The trend is a positive shift in a market that has been a slow burner largely due to consumer sluggishness in understand how home connectivity works or how to leverage devices for utility services. The rise in popularity of energy equipment and safety and security systems, including devices like connected thermostats and smoke detectors, is driving the overall adoption. Connected-home device shipments are poised to grow at an annual compound rate of 67% over the next five years, with forecasts that 1.8 billion units will be shipped in 2019.
Analysts suggest that the next two years will see the peaking of growth particularly as home health and personal health device monitoring gains more momentum with consumers.
Market research firm Visiongain, forecasts that medical mobile device or mHealth sales will reach $6.7 billion by the end of this year. mHealth applications include the use of mobile devices in collecting community and clinical health data, delivery of healthcare information to practitioners, researchers, and patients, real-time monitoring of patient vital signs, and direct provision of care, via mobile telemedicine.
The rise of the connected home network connectivity with the drop in apps and monitoring devices is leading the change of tide on this front.
Treating patients at home is also a key driver for the rise in uptake, “austerity measures have forced many health departments around the globe to rein in their spending and find more cost-effective ways of operating. Enabling them to diagnose, monitor, and communicate with patients remotely, mHealth promises extensive cost-savings for healthcare professionals and institutions. This new industry will also pay dividends to network operators, software developers, and data platform management providers who may turn their core competencies onto the medical field,” the Visiongain report said.
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