The world is undergoing digital transformation as the Internet of Things (IoT) technology is witnessing magnified growth, and the notions about connected homes are changing from luxury to mainstream. While the home automation industry continues its rapid expansion, an increasing number of companies are swimming with the tide to tap into the full potential of smart home businesses. The adoption of smart home technologies is one the rise, globally, and smart home installation services are soon expected to become an inextricable element of the business model in the home automation ecosystem.
Taking into consideration the astounding upswing in the adoption of cognitive systems and connectivity technologies, Transparency Market Research (TMR), in its latest offering, offers analysis on how broader evolutions in the home automation are likely to influence the dynamics in smart home installation services market. This study presents exclusive and actionable insights that can elucidate the growth prospects for smart home installation service providers in the rapidly-evolving realm of intelligent and connected homes.
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Market Players Keeping Abreast of the Developments in the Smart Home Industry
In 2017, the smart homes market surpassed US$ 31 billion in global revenues. Enabled by growing adoption of IoT and Artificial Intelligence (AI), smart homes technologies continue to proliferate, as users look for greater access and control. Over the past few years, smart and connected devices have witnessed significant adoption—a trend that has provided a lucrative platform for installation service providers. The industry has been quick to respond—between 2013 and 2017, global revenues grew 2X to surpass US$ 3 billion in 2018.
‘Lucrative’ and ‘competitive’ go hand in hand, and as holding on to market shares becomes increasingly difficult, the focus has shifted to capitalizing on next-generation connectivity technologies incorporated in today’s smart home devices. Installation service providers also need to keep upskill, as vendors introduce new products, notably voice-assistants, doorbells, and thermostats.
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Original Equipment Manufacturers (OEMs) Hold Sway
With nearly one-third revenue share, Original Equipment Manufacturers (OEMs) remain the preferred installation providers. Installing connected devices and smart home appliances in automated spaces continues to be viewed as a daunting task by a significantly large segment of consumers. OEMs are capitalizing on the lack of consumer confidence in DIY (Do-It-Yourself) installation kits to consolidate their position.
Home security concerns remain the linchpin of the smart home industry, and it is unsurprising that among the various aspects of the smart home ecosystem—entertainment, appliances, metering, etc.—home monitoring and security systems have witnessed the highest traction. Consequently, demand for installing these services accounts for a significant pie of the bottomline of installation service providers. In 2018, home monitoring and security systems accounted for nearly half the revenue share of the smart home installation services market, and this trend is expected to prevail in the future.
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In addition to these industry-specific developments, the broader push toward investment in smart infrastructure is likely to provide sustained opportunities to installation providers. Governments around the world have committed to building energy-efficient, secure, and connected cities of the future. For instance, the Indian Government, under the ‘Smart Cities Mission’ pledged US$ 14 billion to develop 100 smart cities across the country. The investments by governments have also been complemented by enthusiasm from the private sector—recently, Planet Smart City, in collaboration with Habitax, invested £27 million in Brazil.
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