Home Internet of Things IoT@Home set to explode – figuratively

IoT@Home set to explode – figuratively

Australian analyst Telsyte states that the IoT@Home market is set to soar, with more than 300 million connected devices in Australian homes by 2021 in a market worth nearly $5 billion.

Telsyte  says the use of IoT@Home devices has grown to 40% year-on-year with the current 13.7 devices to reach 30.7 in 2021.

It defines these as smart Internet-connected devices and appliances that allow consumers to control, monitor and enhance their lifestyles, typically via mobile apps.

“By 2021 Australian households are expected to have 311 million connected devices, of which nearly half of these are expected to be new IoT@Home devices. These touch many industries as businesses use smart automation to create new products and services for their customers,” Telsyte managing director Foad Fadaghi said.

Fadaghi adds, “The challenge will be to take households on the automation journey while handling privacy, security and upfront costs concerns."

Telsyte believes intelligent features that use cloud-based machine learning to provide lifestyle benefits that go beyond self-monitoring and user initiated outcomes will be the key to attracting and maintaining customers.

For example, this might be a voice activated hub that understands a regular behaviour and automatically prompts the user without being pre-programmed to give an alert.

Telsyte IOT

According to Telsyte, despite the expected rapid adoption, barriers such as concerns around cyber security and privacy will still need to be overcome. Half of Australians indicate they are concerned about security when “everything will be connected to the Internet in the future”, according to Telsyte’s survey.

IoT@Home is also expected to be a new battleground for telecommunications companies, retailers, energy suppliers, insurance companies and category specialists all seeking to differentiate themselves in price-competitive industries, against the backdrop of the widespread rollout of nbn services, fierce online retail competition and rapid digitisation of consumer lifestyles.

Note to methodology

  • Interviews conducted with executives from service providers, network operators, manufacturers and channel partners of IoT@Home products and services.
  • An online survey of a representative sample of Australians 16+ years of age conducted with 1,060 respondents in November 2016.
  • An online survey of a representative sample of Australians 16+ years of age conducted with 1,032 respondents in April 2017.
  • Financial reports released by service providers and manufacturers.
  • On-going monitoring of local and global market and vendor trends.

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Ray Shaw

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Ray Shaw ray@im.com.au  has a passion for IT ever since building his first computer in 1980. He is a qualified journalist, hosted a consumer IT based radio program on ABC radio for 10 years, has developed world leading software for the events industry and is smart enough to no longer own a retail computer store!

 

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