The typical smart home is comprised of internet-connected or Internet-of-Things (IoT) devices, which enable the remote monitoring and management of appliances and systems. Some of the most popular IoT applications in the home include security and lighting, according to a survey of 7,000 consumers across seven markets conducted by GfK in 2015. (See Figure 1.)
The freight train that is the Internet of Things (IoT) is gaining steam. Machina Research expects the global IoT market to more than quadruple between 2014 and 2024, growing from $900 billion to $4.3 trillion. Within the next eight years, Machina estimates there will be 30 billion connected IoT devices; investment in IoT will be upwards of $1.6 trillion.