The annual revenue from ‘multi-family’ IoT device sales is expected to increase to $35.6 billion (£29bn) by 2028 at a CAGR of 23.8%, according to Navigant Research.
According to the report, titled “IoT for Multifamily New Construction and Retrofit Markets”, builders and property managers are becoming more aware of the benefits of building-wide smart home technology, and stakeholders have started to realise the largely untapped opportunity this market has to offer.
Sasha Wedekind, research analyst with Navigant Research, said: “Software solutions and platforms to serve needs specific to the multifamily segment are starting to enter the market to address the pain points of building owners, property managers, and residents alike. The rising interest can also be attributed to the sheer possible size of this market globally, to proliferation, and growing affordability of smart home devices.”
In another report published last month, Navigant had argued that the market for communications nodes and associated infrastructure for water and gas utility networks is estimated to go above £1.97 billion in 2019 and is expected to reach £2.22bn in 2024. The report also found that post 2024, the rising market share among LPWA solutions is expected to cause communications infrastructure revenue to decrease, even as equipment and node shipments continue to increase across the world.
IKEA is launching a new ‘IKEA Home Smart’ business unit to help develop new devices to push to the 780 million shoppers who visit the retailer each year, as this publication reported in August. The Swedish furniture retailer announced its plans to launch the company’s first smart blinds in the US in October.
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