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.
Market Size and Growth
Entertainment (other than smart speakers)
Control and Connectivity
Lighting Systems & Smart Power
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
We use the Society-Technology-Economic-Environmental-Political (STEEP) framework as a guide to ensure a thorough investigation of trends relevant to your market.
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.
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:
Client specific recommendations provided to:
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.