Smart Home Market Growing But Hasn’t Reached Projected Potential
The US smart home market has not yet reached the potential as forecasted by many observers in the late 2000’s and early 2010.
The same issues BI Intelligence first identified back in 2015 still plague the space — persistently high prices, technological fragmentation, and consumers’ lack of a perceived benefit from the devices. But the newfound popularity of smart home voice control has revolutionized smart home ecosystems across the country, and convinces more consumers to equip their homes with smart devices on a daily basis.
Ease of operation and accessibility has made voice recognition the main remote interface between the user and smart home devices. Following the success of voice controlled Amazon Echo launched in 2014, companies like Google, Samsung and Apple have followed suit and integrated their smart home systems with voice control. Though the prices are still high, the future growth of smart home devices are driving mass production resulting in lower prices and wider proliferation of voice controlled smart devices.
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