Juniper Research has released yet another study highlighting predictions for emerging technologies, this time with expectations of a growth of 260-percent for home automation by 2023. Breaking that figure down further, the research firm expects home automation and monitoring revenues to jump from $12 billion in 2018 to more than $45 billion in that time frame. That staggering level of growth, meanwhile, is expected to hinge on a burgeoning marketability for automated home security and other entry-way solutions. For example, Juniper calls out the technology designers at Nest, Hive, Ring, and Netgear which have products ranging from smart home cameras and camera-enabled doorbells to A.I.-enhanced thermostats.
Beyond that, the researchers at Juniper point to new standards of interoperability of devices and products falling into the home automation and IoT categories. That empowers users because it drives commonality in interactions and ease-of-use. More importantly, that enables further growth due to home automation technologies becoming more desirable. In fact, the increase in adoption of those could result in growth measuring at around 468-percent – in terms of the number of devices between 2018 and 2023. Juniper cites the low-entry costs of devices such as those running Amazon's Alexa as a primary factor in that level of predicted adoption. Google's own Assistant could likely be included in that group, as well, thanks to the platform's use of open source components, although it lags well behind Amazon in terms of sales.
Finally, as a side product of the growth, Juniper predicts the emergence of new opportunities for insurance provides. Not only do smart homes tend to hold more value form a consumer perspective. The technology itself represents a new tool for insurance providers to offer alongside policies. The organization believes that as many as 65 million new home insurance policies could be initiated over the course of 2018 alone which leverage those. Policies adjustments may also be offered based on whether or not a homeowner has taken advantage of any home protective tech. Juniper highlights smart water leak detection systems and intelligent fire alarms. However, it wouldn't be too much of a stretch to see products such as smart cameras, alarms, and other connected security technologies included in those, either.