With Amazon, Google, Apple and LG spearheading the expansion of home automation devices, it's no wonder the analysts are so positive about the future of the Internet of Things.
Just a couple of years ago, this emerging industry was considered a gimmick, largely championed by 'millenials' and other sub-cultures of 'early adopters'.
Today we can see that with tens of millions of smart light bulbs sold and almost 15 million units of smart speakers sold in the USA and UK alone, home automation is emerging as a serious market. So serious that the experts predict it to reach a $59 billion yearly revenue by 2020.
Although it may not sound like a lot on a global scope, that is still a sizeable industry, especially for a market sector that's less than 10 years old.
For comparison, the global music industry has a revenue of $65 billion and the retail giant eBay is pulling in as much as $175 billion in revenues yearly.
If it justifies the hopes and hits the target by 2020, the next decade could see the industry to grow exponentially.
The initial data on unit sales looks more than promising. There were 30 million units of home automation devices sold in 2016. a figure impressive on its own, yet it's bound to increase by 593% to a whopping 178 million units by 2020. The biggest portion of these sales is on account of robotic vacuum cleaners, smart speakers, thermostats and light bulbs.
One of the main problems of the current home automation industry is the very limited range of products. Although LG is developing a line of washers, fridges and other home appliances with smart features built in, generally the consumers are not spoilt for choice.
It will take more established manufacturers and startup hardware developers to come on board for the home automation industry to come into full bloom.
Check out some Smart Home Facts and Figures below courtesy of Glow Green.
Original infographic can be found here: