The smart home market is a $8.2 trillion business, and the IoT has grown exponentially, according to a report from investment bank Credit Suisse.
However, the firm notes that the vast majority of the $8 trillion market is dominated by the home automation market.
In fact, smart home devices are expected to account for more than half of all new home sales by 2020, according the report.
It’s expected to reach a market cap of $12 trillion by 2020.
The report notes that this growth in IoT devices could be partially offset by a decrease in smart home sales due to the increasing popularity of smart home automation devices.
This would make the smart home ecosystem a key driver for growth in the next few years, the report says.
The most anticipated smart home technologies will continue to be built around the idea of automation, as well as connected home devices, the research firm notes.
But the smart device market is still growing, and it could take several years for smart home companies to realize their full potential, the analyst said.
The biggest threat facing smart home consumers and businesses is the rise of connected devices that will become more prevalent in the home.
In the past few years the market for connected devices has grown rapidly, with smart home manufacturers such as Philips, Nest, Apple and Google competing to market the latest technology.
While connected devices have come a long way from the days of smartphones and smart TV sets, they will be even more important to the smart homes of the future.
The smart home sector will grow rapidly over the next several years.
It could also take several more years for connected home companies like Nest and Philips to realize that the technology is not going away anytime soon, the analysts say.