The Transformational Smart Home will expand in capability, function, and activity, and will reflect the wider global needs of the planet, economies, societies, and individuals, ABI Research states.
"Smart home capabilities are already becoming central to residents' daily lives. A swathe of new and emerging technologies will increasingly extend and strengthen that position through enabling a wide range of interconnected services within the home and beyond," says Jonathan Collins, Smart Home Research Director at ABI Research. Alongside technological development, social, environmental, financial, and even political change will bring critical mass to speed smart home development and value.
The six key concepts, detailed in the report are:
- The Sentient Home: Where the smart home automatically adjusts in real-time to changes to suit a range of criteria, from individual presence/preferences to efficiency and weather changes
- The Cooperative Home: This embeds the smart home in a network of homes integrated within a /city/region/nation to manage, control, use, and share resources efficiently.
- The New Lifestyle Home: The smart home supporting simple and flexible changes in the use of spaces to support a growing number of activities, even while the home footprint reduces.
- The Home as a Business: Where smart home capabilities enable and support new revenue generating services for residents to leverage.
- The Low Impact Home: Automated control over the selection, generation, delivery, consumption, and disposal of goods and services in a push toward zero environmental impact.
- The Marketplace Home: defines how smart home management providers will control a key mediation point for companies, industries and service providers looking to engage with consumers.
"The push to monetize the rich potential of the Transformative Smart Home will drive the adoption of a wide range of new and emerging technologies. New capabilities across sensing, connectivity, AI, robotics, and more will be leveraged. In addition, an ecosystem of smart home service companies will emerge to assist and manage how new and existing vendors and industries extend the reach of their smart home plays," the company adds.
"For some, the smart home future seems to be whatever a handful of global consumer technology giants, including Amazon and Google, decide to make it. But that underestimates the wave of change coming to the smart home market and the opportunities that lie beyond the scope of even today's largest smart home players," says Collins.
Investment in enabling the Transformational Smart Home is evident among consumers and vendors alike. Even among the unprecedented consumer upheaval of 2020, the smart home market will deliver 4% growth. ABI Research estimates that between 2020 and 2026, global smart home spending will grow at a 24.4% CAGR to US$317.6 billion.
These findings are from ABI Research's The Transformational Smart Home application analysis report. This report is part of the company's Smart Home research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.