Winning in the Smart Home
Market Landscape, Trends, and Consumer Insights
Table of Contents
Fast-evolving trends are accelerating the rate of change within business environments. Technology is diffusing into markets faster than companies can adapt—according to Accenture, 63% of companies are experiencing disruption. Furthermore, 90% of managers believe technology will change how their company does business. Yet, managers are challenged to spot new opportunities and act on them fast enough to be able to ride the growth wave. ENGINE’s Trend Analysis solution enables you to capture business growth by anticipating the shifting market landscape!
Our client reports are just as powerful as syndicated reports, and about the same cost as syndicated reports, but are tailored to you and your business. Below is a peek inside some of what you get from our Trend Analysis offering – take a look at just some of the impactful insights we can share to help you grow and expand your business.
Research Approach & Methodology
Key Takeaways
Market Overview
Market Size and Growth
Entertainment (other than smart speakers)
Smart Security
Control and Connectivity
Smart Speakers
Home Appliances
Lighting Systems & Smart Power
Purchase Drivers
Purchase Barriers
Health, Wellness, and Self-Care
Privacy, Security, and Safety
Designing Homes Around Modern Values and Lifestyles
Convenient, Personalized, and Busy Lifestyles
Societal Trend Overlap Analysis
Business models, partnerships, operations, products, product systems, services, channels, brands, and customer experience
S.T.E.E.P. Framework
We use the Society-Technology-Economic-Environmental-Political (STEEP) framework as a guide to ensure a thorough investigation of trends relevant to your market.
Research Approach and Methodology
Our approach leverages insights of trend experts like futurists, technologists, economists, professors, authors, and researchers that are immersed in the market of consideration. We combine their insights with authoritative, published information and analysis frameworks that reveal new insights and areas of opportunity.
Expert Interviews – In-depth telephone discussions were conducted with experts in the smart home market, technologies, and trends. Experts were recruited from ENGINE’s own expert panel, Expert ENGINE, and from outside our panel.
Secondary Research – Reviewed published content leveraging Engine’s extensive business library that accesses thousands of authoritative publishers of business news, conference proceedings, syndicated market research, stock analyst reports, and more. Sources were combed tenaciously for references to other published sources and possible interview contacts. We analyze sources to determine the market landscape and the trajectory of societal and technology trends.
Expert Panel – Selected three of the industry experts that demonstrated insightful perspective. Scheduled and hosted a 2-hour video conference panel discussion with the experts, ENGINE team, and Client team. Focused on trend impacts, likely future directions, and opportunity areas for the Client.
ENGINE Analysis – Used the STEEP and Innovation Activity frameworks. Trend overlap analysis identified trend convergence representing areas of opportunity and facilitated new insights.
Executive Summary
Each report includes a high-level executive summary that conveys the most important takeaways from the research.
Sound in the Smart Home
Industry experts point out the importance of sound in the home of the future and note the value of sound relative to the key societal trends that ENGINE has identified, from improving mental health to providing security and calendar alerts.
“Delivering consumers the best and most convenient sound will drive the change.”
—ENGINE Expert 735432, Smart Home Product Designer and Thought Leader
“The history of sound is discovering palatable sounds. Devices need to find frequencies that match their environment.”
—ENGINE Expert 735741, Smart Technology Thought Leader
Key Takeaways
Trend Analysis and Market Landscape
The smart home market is robust and growing rapidly across sectors. Smart speakers are driving adoption and leading smart hub development. Smart home products have reached mass market adoption and are moving from a luxury item to a convenience item.
Client specific information provided:
- Where DOES Brand X fit in this market?
- Where CAN Brand X fit in this market?
“People want to connect, touch, feel, and have control.”
—ENGINE Expert 735741, Smart Technology Thought Leader
How Brand X Can Win in the Smart Home
Client specific recommendations provided to:
- Take Care of Consumers
- Leverage Strategic Partnerships
- Fill the Niche Need
Market Landscape
The Market Landscape includes an overview of the market and its main segments—the size, growth, and forecast of the market and segments—major players, products, and product trends.
Identified Trends
The section on Identified Trends includes a description of each macrotrend, subtrends comprising or being driven by the macrotrend, technologies supporting the trend, and fact-based, hard-data indicators of the trend’s presence and direction.
SOCIETAL TRENDS
Key societal macrotrends impacting the smart home include:
1) health, wellness and self-care
2) privacy, security and safety
3) designing homes around modern values and lifestyles, and
4) convenient, personalized and busy lifestyles
PRIVACY, SECURITY, AND SAFETY
Measurable subtrends of this macrotrend are:
1) privacy in the home
2) safety and security
3) too many apps and devices
4) consumers learning to use smart technology
5) aging population
6) parents needing help
Industry experts agree that this issue is significant and here to stay. The US smart security market is expected to grow at a rate of 15% to reach a revenue of $11.17 billion by 2023. Brands have options for how to proceed. They can provide users with controls or transparencies. This includes opt-in technology. Verification methods like biometric technologies will be important, such as voice recognition. Experts recommend directly addressing privacy and not adopting a blasé approach.
Emerging technologies supporting this trend include air quality monitoring, home appliance monitoring, and smart security cameras.
SOCIETAL TREND OVERLAP ANALYSIS
Each report contains a trend overlap analysis that reveals where trends and subtrends are converging, conflicting, or in any overlapping. Visualizations of the overlaps are shown using Venn diagrams. New insights are derived from the areas of trend overlap. Potential innovation opportunities are generated from the overlap insights.
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Innovation Trends & Activity
