Market Research Report
Optimizing Smart Home Services
|Published by||Guidehouse Insights (formerly Navigant Research)||Product code||918762|
|Published||Content info||14 Pages
Delivery time: 1-2 business days
|Optimizing Smart Home Services|
|Published: December 16, 2019||Content info: 14 Pages||
Smart home stakeholders are starting to shift their focus from hardware sales to service-driven business models. The volume of consumers adopting connected devices has grown dramatically in recent years. Offering services gives stakeholders a means to generate recurring revenue, capitalize on their investment in the Internet of Things (IoT), and create stickier relationships with residential customers while adding value and capabilities to smart home ecosystems.
Popular services that stakeholders have introduced to the market focus on a variety of use cases, including security monitoring, health and independent living, energy savings, HVAC performance monitoring, and convenience. However, taking full advantage of the opportunity to offer home services is proving challenging. Consumers have not been convinced of the value in paying monthly fees for many of the home services available, so adoption has been fairly limited. Stakeholders must figure out the best strategy for diversifying revenue streams and monetizing consumer data to overcome the challenge, or this could become a missed opportunity.
This Strategy Insight report by Navigant Research, a Guidehouse company, analyzes smart home service opportunities and challenges. The study discusses evaluations of services, recommended action items, and strategies for the smart home service market. Global market forecasts for smart home service revenue through 2028 are mentioned. Case studies for emerging home service companies are also provided in the report.