From the moment you wake up in the morning, the house reacts to your needs. The automated lights turn on slowly to wake you up at a scheduled time. From the comfort of your bed, you switch on your coffee machine so your morning cup is fresh and hot by the time you arrive downstairs for breakfast.
This year, revenue from the smart home market is expected to exceed $US48 billion, according to recent Strategy Analytics forecasts. By 2019, the sector’s market revenue will increase to $115 billion. By the end of this decade, nearly 12 percent of global households will have at least one type of smart system installed. In fact, Tony Fadell, the CEO of Nest – the connected homes product company that was bought by Google earlier this year – has predicted that within a decade, every electrical device in your home will be connected to the internet.
While the smart home market is quickly gaining traction in developed countries, there are now signs that the trend is spreading to the emerging markets. Consumers in the Asia Pacific region has been particularly keen to embrace the new connected technologies, as tech companies begin to acknowledge the opportunities in this sector.
Connected home firm Icontrol Networks expanded to Asia in October, with the company partnering with a Japanese cable provider to offer a smart home system that consumers can install themselves. This month, Chinese electronics firm Xiaomi invested 1.26 billion yuan (about $200 million) in home appliance company Midea, as it looks to expand into the smart homes market. Below is an infographic showing how will a typical home look like in 10 years using smart technology:-
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