Parks Associates research finds that 2.5 million Western European households will have a smart home controller by 2019. Stuart Sikes, President, Parks Associates, discussed the growth of the smart home and its implications at Smart Home Summit in London.
“Smart home systems will need the flexibility to deliver multiple value propositions within the household,” Sikes said. “Interoperability is necessary to achieve recurring revenue models as it enables devices to deliver a broad array of value-added services and features.”
“The key challenges in the smart home include low consumer awareness and lack of a concise value proposition,” Sikes said. “The industry will overcome low awareness over time, thanks to the entry of high-profile players in the consumer IoT ecosystem, but to create value on a mass-market scale, smart home solutions must be able to integrate multiple features.”