Winning in the Smart Home

Market Landscape, Trends, and Consumer Insights

table of contents

Research Approach & Methodology

Executive Summary

Key Takeaways

Market Landscape

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

Identified Trends

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

Technology Trends

Home of the Future
Key Technology Trends and Use Cases
Applications
Voice Technology

Innovation Trends

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.

 

(see larger image)

Innovation Trends & Activity

 

We examine innovation activity in several categories to spot areas of intense innovation competition and low innovation. White space is revealed through singular areas of low innovation activity or by combining multiple areas of low innovation activity to generate additional white space potential.

CONTACT US TODAY! GET STARTED WITH YOUR OWN TREND FUTURECASTING.

  • This field is for validation purposes and should be left unchanged.