Business analytics firm Telsyte says that “Australian households are in the middle of an Internet of Things (IoT) at home revolution.”
According to Telsyte managing director Foad Fadaghi “The Internet of things at home will touch many industries as businesses use smart automation to create new products and services for their customers.”
“The challenge will be to take households on the automation journey while handling privacy, security and upfront costs concerns” Fadaghi says.
Telsyte’s new Australian Internet of Things @ Home Market Study 2017 says that more than 40% of Australian households now own at least one IoT@Home device.
“By 2021, in total, Australian households are expected to have 311 million connected devices, of which nearly half of these are expected to be new IoT@Home devices,” Telsyte predicts.
The firm estimates that the collective value of the IoT@Home market in Australia will be $4.7bn by 2021, a sharp rise from the $377M in 2016
Despite the expected rapid adoption, Telsyte say that concerns around cyber security and privacy will still need to be overcome for the market to reach its potential.
