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Next Steps for Smart and Connected Homes : Cross-industrial Partnerships to Adopt Internet of Everything (IoE) for Value Creation

Next Steps for Smart and Connected Homes : Cross-industrial Partnerships to Adopt Internet of Everything (IoE) for Value Creation

  • February 2015
  • 59 pages
  • ID: 2750955
  • Format: PDF
  • By Frost & Sullivan

Summary

Table of Contents

CEO 360 Degree Perspectives on Big Data and Smart Buildings

Health and wellness and virtual education will be in the second wave of growth as they are still immature commercial offerings; however, they will rise in importance in the next x years.
Internet of Everything (IoE) will become the next intelligent platform connecting the physical and virtual worlds to address urban living challenges.
Home energy management, home automation, home entertainment, and safety and security are emerging as top priorities for smart and connected home solution providers.
High and medium income economies in India, China, the United States, the United Kingdom, Germany, France, Japan, South Korea, and some Middle-Eastern countries are driving global growth.
Cross-industrial partnerships between market participants are vital in creating new business models for service offerings.

3 Big Predictions

Cloud networking, a revolutionary 2-way interactive service delivery platform, is expected to create a technological explosion in the building technology (BT) services market. It will continue to be a high-value offering for adopters of smart home solutions in the next x years.
Urbanisation, smart solutions, global connectivity, and industry convergence are the top trends expected to encourage market partnerships and create integrated, smart, and connected home solutions with attractive service offerings.
The journey towards smart and connected homes depends heavily on the acceptance of end users. This is a crucial factor for market participants to gain customer trust on their value propositions and best regional business models.

Connectivity and Convergence

New technologies will increase growth for many innovative applications and create a connected world, changing the way people live, communicate, conduct business, and interact with machines. Technological advancement coupled with satellite development and artificial intelligence will open an assortment of new business models and growth opportunities. Future convergence will be defined as a convergence of products (e.g., electric car), industries (e.g., healthcare and IT), and technologies (e.g., smart home hub).

Smart is the New Green

Green products and services will be replaced by smart products and services. A smart product is one that has intelligent sensing technology. This trend is increasingly being integrated with Internet technologies, creating optimised operations, improved efficiency, and products capable of reacting and communicating to changing environments. Smart products have a strong business case, can provide energy and efficiency savings up to x %, and have a x - to x -year return on investment.

Urbanisation: City as a Customer

Increasing urbanisation will lead to an integration of central cities with suburbs and emerging cities, resulting in expanding city limits, which will have a massive impact on the future of mobility, working life, and society. As a result, Mega Cities, Mega Regions, Mega Corridors, and smart and sustainable cities will emerge. ‘City as a Customer’ is an implication of urbanisation, wherein cities (and not countries) are considered potential customers and investment hubs for wealth creation and economic growth. Every city will be highly unique in its infrastructure demands, offering cross-sectoral micro-implications and opportunities for companies.

Health, Wellness, and Well-being

With smarter drugs, virtual hospitals, and cyber documents, the healthcare industry is poised for a radical change with information technology taking the forefront in research and development, diagnostics, and monitoring. In the future, diagnostics will become less invasive, preventive, and image based. Medicines will be marketed as molecular and personalised drug cocktails. Some countries will need to increase their healthcare spending from x % (in 2010) to x – % by 2030, thereby changing the landscape and dynamics of the healthcare industry. Health, wellness, and well-being will become the new value proposition of companies as well as an important factor of differentiation and discussion.

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