Market focus is on expanding customer engagement through mobile apps and web portals, which provide added value when integrated into utility customer programs
BOULDER, Colo.--(BUSINESS WIRE)--#Apps--A new report from Guidehouse Insights analyzes the smart home market across five major regions, examining four major business models and seven technology types, with 10-year forecasts and market sizing through 2029.
The market for smart home data analytics is developing into the most important corollary market to smart home devices. New analytics capabilities are driving the adoption of smart meters, thermostats, fire detection devices, security devices, plugs, lighting, and other devices while delivering added value to homeowners and utilities. Most significantly, increasing device-level data processing is expanding the range of valuable analytics capabilities while lessening the demands on offsite servers. Click to tweet: According to a new report from @WeAreGHInsights, annual smart home data analytics revenue to increase from $5.5 billion in 2020 to $24.1 billion in 2029 at a compound annual growth rate (CAGR) of 17.8%.
“Given analytics’ increasing value to consumers, utilities, and other stakeholders, along with the falling cost of data storage and analytics, this market is expected to experience significant growth over the next decade,” says Daniel Talero, research analyst with Guidehouse Insights. “Although the effects of the COVID-19 pandemic on these long-term trends remain unclear, Guidehouse Insights anticipates a net stimulating effect on the demand for smart home devices and smart home data analytics.”
According to the report, the market is currently focused on expanding customer engagement with better information through mobile apps and web portals, which can provide added value when integrated into utility residential demand side management and demand response (DR) programs. Companies are offering customer engagement solutions as analytics bundled with hardware purchases, business to business (B2B) software, and business to consumer (B2C) services. Vendors are also adopting the business to business to consumer (B2B2C) channel, where their products are rebranded by utilities or other intermediaries before reaching consumers.
The report, Market Data: Smart Home Data Analytics, examines the smart home market in five major regions, four major business models, and seven technology types, presenting a 10-year forecast and market sizing for 2020-2029. The regions include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The business models include bundled analytics; B2B customer engagement and digital self-service; other device-tied software analytics; and B2B2C services. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Smart Home Data Analytics, is a summary and reflects the current expectations of Guidehouse Insights 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 Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.