The Internet of Things (IoT) in the home is already a multi-billion-dollar global industry, as premiumisation, efficiency and technology adoption have encouraged households to embrace smart solutions. This briefing will analyse the current market opportunities and prospects of IoT for individual areas of the home – the kitchen, bathroom and living room – and provide relevant case studies that reflect current trends in smart-home solutions.
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IoT is driving the kitchen space beyond simple connectivity and apps to platforms that connect the cooking, storage, commerce, planning and every other aspect of the kitchen into a holistic system. The sheer range of appliances and actions performed by homeowners in the kitchen make this household space the most lucrative and innovative spot for manufacturers.
The bathroom remains a fairly underdeveloped space for IoT devices. This is partly due to the limited number of appliances there and a lack of awareness among consumers of actual available products. Toilets, showerheads, washing machines and toothbrushes are the most commonly purchased IoT goods.
As consumers and devices become more and more connected, the possibilities in terms of what could be leveraged as a vehicle for enabling commerce are endless. The living room has become the focal point for this.
A typical household in an advanced economy today already possesses several IoT-enabled devices, such as multiple smartphones, a video game console, a smart TV and a desktop computer or laptop. While some of these devices may be dormant in terms of IoT usage, they represent a ready and capable smart infrastructure that can be applied to run a smart-home ecosystem.
Service providers and smart devices are partnering up to deliver greater convenience to consumers, encouraging more users to expand their IoT experience. This has been the case particularly with Amazon’s Alexa hub.