Smart security solutions are driving up automation revenues with dollars expected to exceed $57 million by 2024, according to new data from Juniper Research.
Juniper’s new research, Smart Homes: Strategic Opportunities, Business Models & Competitive Landscape 2019-2024, found the ‘Do It For Me’ model, with vendors offering advice, installation, maintenance and cloud storage on monthly/yearly subscriptions, is gaining ground.
More players, such as Hive, Vivint Smart Home and TP-Link, now offer subscription packages, which broaden the value proposition with extra cloud storage, devices or superior video quality.
Increasing pool of competitors
The research found that insurers, utilities, mobile network operators and eCommerce vendors will “capitalize on their existing relationships, including their trusted brand names and billing structures to extend their offerings to include smart home services.”
However, these vendors will still have to partner with smart home providers to make this business model viable.
As part of the research, Juniper assessed 15 vendors across smart home segments, comparing the relative level of their capabilities and offerings in the space. The leading vendors included Amazon, Google, Samsung, Deutsche Telekom and TP-Link.
The report’s highlights:
- Google and Amazon lead the way thanks to their comprehensive smart home solutions, high-profile acquisitions and widely supported voice assistants.
- Samsung provides a breadth of smart home devices through its SmartThings arm, currently unrivalled by other players.
- 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.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
