Many Finley clients are looking to the smart home as a source of business and revenue growth. Apparently for good reason. Global smart home services revenues are projected to increase from $33 billion in 2013 to reach $71 billion by 2018, according to a new report from Juniper Research. Nearly 80% of that will come from entertainment services, according to Juniper's “Smart Home Ecosystems & the Internet of Things.”
The rapid rise of high-profile OTT (Over-the-Top) content providers such as Neflix, LOVEFiLM and Amazon Instant Video, has spurred demand, as has mass adoption of connected TVs, according to Juniper's new whitepaper.
“While the smart TV market is just beginning to take hold, the Set-Top Box and the console remain popular options for users to connect their TVs to the Internet and access both subscription services as well as pay-per-view, download-to-own and rentals,” the market research firm states.
The advent of 4K video services, along with an “array of 'Internet of Things' smart home devices” will put carrier networks under ever greater strain, which means that network operators have to make the transition from legacy IPv4 and CGNAT in order to remain viable players in the marketplace and meet consumers' expectations,” Juniper asserts in a press release.
Other key report findings include:
- Industry collaboration between stakeholders is crucial to realizing the potential of the ‘Internet of Things’; no single stakeholder is likely to be able to dominate thanks to the number of verticals within the home.
- Security and Control elements of the Smart Home will reveal a service provider opportunity approaching $12 billion by 2018 as automation elements are added to service propositions.