Early product developers were part of the reason for the slow progress. Grappling with the best way to capture revenue and secure their customer base, the nascent smart home market favoured proprietary systems to power their home-management solutions. This created a market characterised largely by closed, expensive business models that forced consumers to pay high monthly fees or purchase equipment that offered access to only a limited number of devices.
It wasn’t until the beginning of 2013 when a number of smart home technologies reached a tipping point and interest in the smart home and the Internet of Things (IoT) began to rapidly intensify. Research firm IHS Technology reported in October 2014 that the smart home market will grow by 56 per cent, compounded annually, over the following three years. That’s a total of 190 million products shipping by 2018.
As more consumers become educated on the benefits of the smart home, homeowners will be looking for easy-to-navigate, off-the-shelf products that can be introduced incrementally and networked into a unified solution. With such intense competition for this burgeoning market, how can developers ensure that their product stands the best chance of unlocking the smart home?
Read more: http://www.electronicsweekly.com/news/iot-2/developer-best-practices-building-smart-homes-2015-04