Connected homes, or smart-homes as they are commonly referred to are part of a larger market segment called the Internet-of-Things, or IoT for short. The IoT is simply everyday devices being connected to the Internet and therefore becoming “smart”.
Smart homes are homes in which common everyday items such as thermostats, door locks and lighting are connected to the Internet thus allowing for interaction and control by the end-user consumer. As smart-home technology expands and price points lower, an entirely new spectrum of functional smart-home devices is entering the market and forever changing how consumers interact with their property and possessions.
There are numerous market studies on the growth of the IoT and associated smart-home devices and all of these studies point to tremendous growth that outpaces any prior technology adoption cycle including personal computers and cell phones.
The following chart from IoT Analytics presents the connected device forecasts from 6 different sources including; Cisco, Ericsson, Gartner, HIS Global Insight, ABI research and IDC. These various reputable forecasts peg the number of connected devices at between 20B and 50B by the year 2020.