You don’t have to search hard to find articles that talk about home automation. And, it’s no longer just a hot topic as a conceptual idea, but something that’s happening in homes around the world today. Fueled by cable company advertising, communicating electronics in retail and a growing number of smart home apps consumers are hungry to connect whatever they can to their smart phones – the devices that have changed life as we know it.
But, along with all of the buzz, you’ll find that consumers still cite a consistent barrier of entry: price.
“According to industry research firm IDC, the IoT market is expected to hit $7.1 trillion by 2020,” said John Maddison, vice president of marketing at Fortinet. “The ultimate winners of the IoT connected home will come down to those vendors who can provide a balance of security and privacy vis–vis price and functionality.”
The security industry is one space that has been able to leverage a service model to help keep the price of automation in line with consumer expectations.
“In the next 5 years, 61% of people expect the ‘connected home’ to be a reality.”