Seems there’s plenty of room for the Apple HomeKit market to grow. Research from Parks Associates shows that more than 100 million U.S. households didn’t have a smart home device at the end of 2016.
Apple's HomeKit is a framework that allows control of compatible home automation devices through iOS and Siri.
Analysts at Parks Research say that reaching those households with no smart phone devices will require continued investments to create unique and personalized consumer experiences.
"The smart home market is experiencing strong growth and is preparing the transition from early adopters to the early majority," says Tom Kerber, director of IoT Strategy, Parks Associates. "Natural language control and analytics-based automation are simplifying the user experience and together act as a catalyst for the smart home market."
The research firm estimates that by 2020, more than 12 million U.S. households will have a smart water leak detector, more than 40 million will have a smart thermostat, nearly 50 million will have a smart light bulb, and nearly 14 million will have a smart home controller.
"We see the advent of the connected home as a major strategic inflection point for many traditional home products companies," says Greg Mischou, Senior Partner & Managing Director, Woodside Capital Partners. "A consensus view is forming that it is critical to have a connected product strategy with many companies looking to realign their business through strategic acquisition or dramatically ramping up internal development efforts.”