New IoT Adaptation May Bring the Smart Home Industry on Track of Growth and Development
Posted On February 17, 2021
The whole world is obsessed with Harry Potter (a movie based on J.K. Rowling’s series). There have been numerous internet trends wherein fans were seen trying to make a want that could be used to control their house appliances such as television, light, door locks, etc.
This ongoing online trend gave Matthew Cortland an idea to start a business by the name “Wands & Wizard Exploratorium” in Soho, London. He started workshops in which he taught users how to make a wand that would control other products like dragon egg lamps, locked chests, etc.
The thought behind the product was that the wands made the use of the same type of circuits and sensors that is fundamental to IoT (Internet of Things). It is because most devices that are present today can be connected to the internet and then be monitored for increased convenience and efficiency. IoT is a developed form of technology that has evolved for the better through the years; hence, it is user-friendly and well-documented.
This is a significant development in the Smart Home Market as this is the first time, IoT has been used in such an exciting way that it has attracted numerous individuals towards getting products related to Smart Home. This development may lead to IoT being used in other forms and enable consumers to control all sorts of devices present in their homes. Smart Home Industry was formerly predicted to be at heights by the year 2020. In 2016, analysts expected there to be about 21 billion IoT devices, out of which 13.5 billion would be consumed by the general public. The year that was long-awaited in the industry has arrived, and Gartner has revealed that it has abandoned the ambition of making Smart Home Device a few months and now focusing on IoT for industrial use.
As per new forecasts, Forrester has reported that by the end of the year 2020, there will be only 37.4 million smart home devices in the UK, and almost half of them account for smart speakers. In 2018, 12% of the British households had such speakers, and by the year 2019, the percentage increased to 20%. This year, it is expected to go up by 23%.
As per IoT industry watchers, Smart Home products consist of smart lighting, heating, utilities and speakers, and other smart appliances. Out of this Smart, Speakers are the most important as they are available at an amount of £40 – £50 and anyone can buy them without going bankrupt.