Consumers around the world are embracing smart-home technology like never before. According to Business Insider, the number of intelligent home devices is predicted to reach 193 million by 2020. From washers and dryers to cameras and alarm systems, smart devices are making domestic spaces more convenient, efficient, and secure.
In this article, we shed light on IoT market growth and the resulting need for global product engineering and electronics manufacturing services.
Reducing Costs and Conserving Energy
Smart home IoT devices can manage several domestic tasks at once. In addition to this convenience, smart home technology also helps users cut down on utility bills by conserving energy. The heating and cooling of smart homes can be programmed according to the homeowner’s work schedule. Motion sensors can even automatically adjust room temperature in response to a human entering or exiting.
Smart Devices as a Focal Point of Home Life
Consider how the Amazon Echo works as a nerve center: the central point for a consumer’s other home devices. Nest’s Learning Thermostat can operate alongside Alexa, and the August Smart Lock is compatible with the Apple Homekit.
This kind of connectivity and seamless interface saves consumers time and spares them the hassle of learning to use multiple devices. This kind of unified functionality makes for easy adoption and spurs market growth.
By making continual upgrades to their products, IoT companies are offering their consumers the latest tools for their home. Smart ovens can help users cook meat with precision. Smart TVs can make accurate recommendations tailored to individual users. Automation technology has the potential to make the user’s home life easier and also entertaining.
Smart home technology also allows users to examine their habits, such as how often they watch TV, spend time on the internet, use hot water, run their air conditioner, and so forth. Having easy access to these data-derived insights can help smart home users make positive changes and energy-saving habits to their lifestyle.
Andrew Meola writes, “The continued growth of the IoT industry is going to be a transformative force across all organizations. By integrating all of our modern-day devices with internet connectivity, the IoT market is on pace to grow to over $3 trillion annually by 2026.”
Given these figures, it’s safe to say that the growth of smart home technology will continue to rapidly accelerate. For companies poised to capitalize on these opportunities domestically and abroad, it’s simply a matter of finding the right global product engineering and electronics manufacturing partner.
As a product design, development, and manufacturing firm, Pivot International is behind some of the most innovative IoT product solutions on the market for consumers and suppliers alike. For businesses seeking a single-source firm for custom-designed enterprise-efficiency solutions, Pivot ranks first in customer satisfaction. Our client-centric strategy has resulted in compounded annual revenue growth of more than 100% over the last five years and has made us an industry leader. If you’d like to learn more about how Pivot can help your business develop, manufacture, or leverage IoT solutions to capitalize on this expanding market, reach out today for a free, no-obligation consultation.