Is There Room In The Connected Home Market For Service Providers?
Connected technology has become more and more defined as time goes on. We are now at a stage where we can talk with virtual voice-assistants and give commands. A recent Accenture Strategy study tells us that about 56% of the executives believe that AI deployment will increase the revenue and growth opportunities. For the companies that already have a good hold on traditional offerings like broadband, video, and voice, the new opportunity is unbelievably exciting and lucrative.
By embracing new business models, thinking out-of-the-box, and facing obstacles with ingenuity, communications companies can become the dominant service provider in smart homes. These companies need to understand where they have the advantage, such as the existing range of home services or familiarity among consumers.
Many successful connected home products, such as Alexa and Nest Thermostat, are purchased through one-time sale — contrasting with the recurring subscription model typical of communications companies.
The companies might need to think again about the pricing models to gain benefit. To compete with tech giants, they need to create new business models, come up with better designs, and become a participant in the connected home ecosystem.
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