Our towns and our homes are changing, as technology continues to advance—and growth is imminent too. In fact, Grand View Research suggests the global smart-home market size is expected to expand at a growth rate of 27.04% from 2022 to 2030.
Some of the biggest drivers include the convenience and ease of installation of smart-home devices and the demand being generated by homeowners for such technology in the home. Some areas of connectivity in the home include lighting control, entertainment devices, HVAC (heating, ventilation, and air conditioning), home appliances, smart furniture, and more.
Grand View Research suggests we will continue to see the rise of digital assistance with AI (artificial intelligence); the home healthcare segment will surge; and the security and access control segment will continue its ascent, which dominated the market with the highest revenue in 2021 and is expected to dominate the market till 2030. All this connectivity will offer benefits to homeowners and businesses alike.
Consider the example of a new IoT (Internet of Things) and smart-home platform business that will offer insurance carriers customized and connected solutions in the fast-growing Insurtech and IoT industries, moving from a repair and replace business model to a protect and prevent approach.
Now Pepper and Notion are working together to create this platform. Pepper designs, builds, deploys, and manages consumer Internet of Things services to unlock the value of the IoT, while Notion is a DIY (do-it-yourself) smart property monitoring sensor system and app to enable homeowners and small business owners to proactively monitor and reduce loss from costly property damages.
Pepper-powered solutions enable actionable data for carriers and customers through its IoT platform. Let’s take a closer look at how it will work. The data generated through these programs will be controlled and owned by the carrier and its customers. In addition to improving key carrier business metrics like underwriting and claims reduction, the combination of Pepper and Notion will enable the sale of new value-added services, including additional insurance products and creating attractive recurring revenue streams through a variety of connected home premium services.
By pairing the IoT and smart-home technologies, insurance carriers can reduce the frequency and dollar amount of insurance claims filed by policy holders while home, property, and small business owners can save up to 20% on insurance by proactively monitoring for water leaks, fire, carbon monoxide, mold, open doors and windows, drastic temperature changes, and more.
Of course, this is only one example of how our homes are going to become more high tech in the year ahead. The bottomline is we will see the rise of connectivity in our homes to create a more convenient and comfortable lifestyle.
As a side note, the cold weather this season has already experienced some frigid temps all across the country. In fact in the Carolinas, many homeowners are already feeling the rath of Mother Nature in the form of frozen pipes, which is a new experience for many (unlike in Chicago)¸ so I have to wonder how helpful a system like this would have been?
Want to tweet about this article? Use hashtags #IoT #sustainability #AI #5G #cloud #edge #futureofwork #digitaltransformation #green #ecosystem #environmental #circularworld