Global IoT device revenue in the residential and commercial sectors is expected to total more than $732 billion from 2016 to 2026, according to a new report by Navigant Research, a market research and consulting firm based in Colder, Colorado. As owners and operators look to take advantage of technologies that can enhance energy management, provide greater control, and increase comfort, awareness of these devices ability to enable greater efficiencies will increase, the report’s authors speculate.
The report, IoT Devices for Energy Management, provides market forecasts segmented by device, sector, and region, and highlighting the expected trends and potential market size through 2026. “Though this market is still nascent, and we recognize key challenges, like potential security risks, the IoT market for devices has a long-term upside, with the associated revenue expected to more than quadruple during the next 10 years”, says Neil Strother, principal research analyst with Navigant. Major obstacles include security risks that have surfaced from IoT devices commandeered by bad actors exploiting vulnerabilities, as well as interoperability issues and a level of uncertainty around the unclear IoT device value proposition.