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Smart Home Market Potential

According to In-Stat, "the premise behind the smart home is to use networking technology to integrate appliances, devices and services within the home in an effort to control and monitor the entire living space from a remote location as well as within the home. In addition, smart homes are intended to offer homeowners a convenient and secure living space by equipping homes with smart IT functions such as energy consumption tracking, heating, cooling and lighting control, and alarm systems. While the smart home seems to be a valuable and convenient concept in theory, there has yet to be widespread consumer demand for products found in a smart home. This is because consumers have high expectations for both performance and ease of use. In addition, expectations for price are disproportionately low. However, several factors such as pervasive Internet access, home network growth and the acceleration of broadband access to many homes are driving consumer awareness of smart homes and smart home products. While the growth in this market has not taken off as expected five years ago, there is still an opportunity for growth, especially with the involvement of large automation vendors and corporations, such as Home Automation, Inc. and Motorola."

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