04 Mar Navigant Research Report Shows Limited Adoption in Smart Home Services Market
Stakeholders must figure out the best strategy for diversifying revenue streams and monetizing consumer data or risk missed opportunity
BOULDER, Colo.–(BUSINESS WIRE)–#ConnectedDevices–A new report from Navigant Research examines smart home service opportunities and challenges, providing evaluations of services, recommended action items, and strategies for the smart home service market.
Smart home stakeholders are starting to shift their focus from hardware sales to service-driven business models. Popular services that stakeholders have introduced to the market focus on a variety of use cases, including security monitoring, health and independent living, energy savings, HVAC performance monitoring, and convenience. Click to tweet: According to a new @NavigantRSRCH report, while the volume of consumers adopting connected devices has grown dramatically in recent years, consumers have not been convinced of the value in paying monthly fees for many of the home services available, so adoption has been fairly limited.
“Offering services gives stakeholders a means to generate recurring revenue, capitalize on their investment in the Internet of Things (IoT), and create stickier relationships with residential customers while adding value and capabilities to smart home ecosystems,” says Neil Strother, principal research analyst with Navigant Research. “However, taking full advantage of the opportunity to offer home services is proving challenging. Stakeholders must figure out the best strategy for diversifying revenue streams and monetizing consumer data to overcome the challenge, or this could become a missed opportunity.”
To position for success, according to the report, stakeholders must ensure their solutions operate seamlessly and should focus on introducing services that are a necessity, not merely a convenience. Companies should also prioritize product security and interoperability and develop a long-term strategy to withstand difficult markets before services are introduced.
The report, Optimizing Smart Home Services, analyzes smart home service opportunities and challenges. The study discusses evaluations of services, recommended action items, and strategies for the smart home service market. Global market forecasts for smart home service revenue through 2028 are mentioned. Case studies for emerging home service companies are also provided in the report. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, Optimizing Smart Home Services, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.