International. Through devices such as smart thermostats or LED lights the concept of the Internet of Things (IoT) has arrived in the residential environment, says Navigant Research. Large companies are beginning to recognize the possibility that these communication devices offer for greater efficiency, automation, security and comfort in the home.
According to a report by the research firm, global revenue from residential IoT device shipments is expected to total more than $330 billion from 2015 to 2025.
"IoT is like putting together a puzzle with no edge pieces, with the number of pieces growing exponentially by billions," said Neil Strother, principal research analyst at Navigant Research. "IoT communication devices traverse a wide range of industries and sectors – virtually every area of life can expect to see some form of this connected world."
Despite the many drivers for the residential IoT market, there are currently multiple protocols and standards that are creating an interoperability barrier, according to the report. Wi-Fi, ZigBee, Bluetooth, and others are vying for market viability, which is creating confusion among consumers and the shutdown of adoption in general.
