The market for connected home devices is set to grow substantially over the next five years. Ownership of connected devices is projected to grow from 20% of households to 40% by 2023, and our research has identified increasing levels of entry and investment from both start-ups and established companies. The drivers behind this expansion are complex, comprising regulatory, competitive and strategic forces as well as customer demand. The future of the market will be shaped by wider developments and its success to a great extent will depend on overcoming a series of challenges currently limiting widespread consumer uptake.
In this Chart of the Week we explore the opportunities presented by this growing market and look at how some of the key challenges can be overcome.