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IoT Market Set To Be Worth $3.2 Billion By 2019

IoT Market Set To Be Worth $3.2 Billion By 2019The Telsyte Australian IoT @ Home Market Study forecasts spending on IoT home products and services in Australia is set to soar, with the arrival of new products and services to drive market growth, and the market to naturally grow as internet connectivity is adapted to existing products and services.

By 2019, Telsyte estimates that the average household will have 24 internet-connected devices, up from nine this year, covering a range of products, from whitegoods, gardening and security to energy management.

“While long-mooted, the internet-enabled ‘whitegood’ will finally become the norm, as most manufacturers – aided by the lower cost of micro-processing – build wireless internet connectivity into most of their products,” Telsyte senior analyst Steven Noble commented.

“Consumers will find themselves buying IoT-enabled devices by default.”

By market segments, Telsyte expects the smart lifestyle products (appliances and gardening) segment to comprise $1.2 billion of the market by 2019, smart home services (installation, management, cloud services) $812 million, smart security (security alarms, cameras, sensors, smart locks) $416 million, smart energy (sensors, outlets, light bulbs) $658 million and smart hubs (dedicated hubs) $64 million.

A variety of vendors, representing every point in the value chain, will be staking their claim to the market, from manufacturers to retailers to ISPs, Telsyte states, with cloud software providers, utilities and electricians and security consultants to also be active.

Telsyte notes that Samsung has committed to connecting 90 per cent of its new products to the internet by 2017 and all of them by 2020, with Telstra one of the brands that has added a connected home section its local e-commerce websites, while for ISPs smart home automation represents a way to create high value bundles.