Smart home platform revenue to touch $39.5 billion in 2026, projects Navigant Research

A new Navigant Research report has projected that smart home platform revenue globally will reach $ 39.5 billion in 2026 from the present worth of only $ 4.2 billion.

At the time when consumers are getting more and more conscious about smart home technologies, the report analyses the global smart home platform with focus on residential IoT hardware, software, services, and smart home platforms. It also discusses the issues associated with the smart home market including value propositions, market channels, and drivers and barriers as well as key devices and technologies.

According to the report titled “The Smart Home”, adoption of the smart home platform among consumers is motivated by several factors such as tech incumbents, telecommunications providers and security providers. It is also held that these stakeholders are putting their existing footprint to involve in the smart home market resulting in increased availability smart home devices.

Paige Leuschner, research analyst with Navigant Research, said: “The concept of a smart home has the potential to revolutionize the way we interact with our homes and the grid. Homes that act intuitively and intelligently through a comprehensive ecosystem of hardware, software, and services not only enrich consumers’ lives, but also play a role in the transition to the Energy Cloud.”

Meanwhile, another Navigant Research report has projected that combined cumulative revenue for Industrial Internet of Things (IIoT) devices, software and services worldwide will surpass $ 1 trillion by 2027. According to the report, enterprises will the main drivers behind this trend as they realise the truth value of IIoT, which leads to decreased costs and increased equipment maintenance.

iottechnews.com: Latest from the homepage

The installed base of service robots will reach 264 million worldwide by 2026

The installed base of service robots will reach 264 million worldwide by 2026

According to a new research report from Berg Insight, the installed base of service robots reached 29.6 million worldwide at the end of 2016.

The global service robot market is dominated by three segments that together accounted for a majority of the global installed base at the end of 2016.

The largest segment in terms of installed base is the floor cleaning robot segment, which alone accounted for 80 percent of total at the end of 2016 with an estimated 23.8 million units.

The other two large segments include the UAV segment as well as the robot lawn mower segment, which are estimated to have reached installed bases of around 4.0 million and 1.6 million units respectively at the end of 2016. Moreover, 0.1 million AGVs and 0.05 million milking robots are estimated to have been active at the end of 2016.

The remaining segments including humanoid robots, assistant robots and companion robots, telepresence robots, powered human exoskeletons, surgical robots and autonomous mobile robots are all estimated to have had less than 50,000 units installed each at the end of 2016. The strong market growth is expected to last for years to come, driving the installed base of active service robots worldwide to 264.3 million by 2026, which corresponds to CAGR of 24 percent between 2016 and 2026.

The growing interest and rapid development in service robotics in recent years is much due to the many innovative and successful start-ups active on the market. Large companies are also increasingly investing in robotics, either through in-house R&D investments or via acquisitions of start-ups. “Service robots are clearly on the rise in everyday environments”, says Egil Edvardsen, IoT Analyst, Berg Insight.

“Already today, domestic service robots help individuals in their homes to clean the floors and windows, mow the lawn and water the garden. In a not too distant future, we can expect domestic robots of even higher sophistication and capability, such as assistive robots for supporting the elderly, for helping with additional household chores and for entertainment and education”.

chart: service robots shipments 2016-2026Robotics in professional applications has already had a significant impact in areas such as agriculture, healthcare, logistics and public relations and is growing in economic importance. “Robotic exoskeletons help elderly and disabled people to restore body functions and enable them to remain active in society. In hospitals, innovative robots support doctors to perform safer and less invasive surgeries. Autonomous robots transport goods and parcels in manufacturing plants and logistics centres. Unmanned aerial vehicles can autonomously gather useful data for a variety of industries such as agriculture”, continues Carl Jonsson, IoT analyst, Berg Insight.

Download report brochure: The Global Service Robotics market

The post The installed base of service robots will reach 264 million worldwide by 2026 appeared first on IoT Business News.

IoT Business News

Number of service robots to reach 264 million by 2026

Number of service robots reach 264 million by 2026

Strong market growth saw the installed base of service robots reach 29.6 million worldwide at the close of 2016. According to new research from Berg Insight, the trend is set to continue for years to come.

The service robots market, as defined by Berg analysts, is comprised of three main segments, the largest being floor cleaning robots, which claimed 80 percent of last year’s total (an estimated 23.8 million units). The UAV [unmanned aerial vehicle] and robot lawn mower sectors are the next largest, with install bases of around 4.0 million and 1.6 million units, respectively.

The historically manual nature of agriculture, as well as the potential for big data analysis to increase yields, makes it fertile ground for increased automation. There are thought to be 100,000 AGVs [automated guided vehicles] in use in the industry and milking robots now number over 50,000.

Read more: Could hackers force industrial cobots to go rogue?

Robots on the rise

Growing adoption and advancements in robotics are predicted to see the market grow to 264.3 million active service units worldwide by 2026, a compound annual growth rate (CAGR) of 24 percent. The current trajectory is largely due to the vision of successful start-ups that are bringing innovative products to market.

However, longer-term players such as Deere Company have shown the willingness and ability to adapt. Husqvarna is currently piloting robot lawnmowers in parks found in seven cities around the world. Many large companies are investing in in-house R&D or acquiring start-ups, recognising the need to move with the market or risk getting left behind.

“Service robots are clearly on the rise in everyday environments. Already today, domestic service robots help individuals in their homes to clean the floors and windows, mow the lawn and water the garden,” says Egil Edvardsen, IoT analyst at Berg Insight.

“In a not-too-distant future, we can expect domestic robots of even higher sophistication and capability, such as assistive robots for supporting the elderly, for helping with additional household chores and for entertainment and education.”

Read more: ABB robot Yumi debuts as orchestra conductor in Italy

The future of automation

The breadth of application and economic impact of service robots is clear to see – across agriculture, healthcare, logistics, public relations and the tackling of basic day-to-day tasks.

“Robotic exoskeletons help elderly and disabled people to restore body functions and enable them to remain active in society. In hospitals, innovative robots support doctors to perform safer and less invasive surgeries,” says Carl Jonsson of Berg Insight. “Autonomous robots transport goods and parcels in manufacturing plants and logistics centres. Unmanned aerial vehicles can autonomously gather useful data for a variety of industries such as agriculture.”

The next few years will see robotics technology continue to evolve, allowing greater adoption in existing sectors, penetration into new areas and, vitally, improved affordability – a key barrier to entry for many potential customers.

The post Number of service robots to reach 264 million by 2026 appeared first on Internet of Business.

Internet of Business

IoT for intelligent buildings will surpass $22 billion by 2026, research says

The global ‘IoT for intelligent buildings’ market is set to surpass $ 22 billion (£17.5bn) in 2026, up from $ 6.3bn in 2017, according to a new paper from Navigant Research.

This is a topic which this publication has explored on various occasions. Unlike a lot of IoT technology which can be considered greenfield sites, the challenge of commercial buildings is constructing around previous work.

The report advocates that commercial building owners are ‘feeling the pressure to invest in intelligent building technologies that leverage the IoT, providing better insight on operations and equipment as well as access to real-time data for productivity, convenience, and sustainability’.

“Leveraging Internet-connected devices that collect and communicate data and software for data aggregation and analysis, IoT-enabled intelligent building solutions are secure, scalable, and interoperable,” said Christine Jung, research analyst with Navigant Research in a statement. “They support open communications and standards within the building space, assisting with reduced costs and improved integration possibilities.”

The report aims to answer a variety of questions, from the size of the market, to how building energy management systems have evolved in the context of IoT, as well as the drivers and inhibitors for the market.

One company mentioned in the report, in the ‘emerging IoT companies’ category, is IoTium. The company’s product collects data from brownfield machines, and sends it to greenfield applications which reside in public, private, and hybrid clouds.

Speaking to this publication last month, chief executive Ron Victor explained the importance of the issue and how it relates to his previous projects, connecting aluminium smelters and copper refineries to applications in the cloud.

“We did all kinds of great applications in the cloud, very rapid data throughput, but the problem, the disaster, the nightmare, was plumbing,” he said. “I am a reasonably tech savvy Silicon Valley entrepreneur – I know this stuff, and if I am facing so much of a problem, forget about the industrial side, that’s got to be a disaster.”

You can find out more about the report here (paid).

iottechnews.com: Latest from the homepage

Smart city shipments to top one billion by 2026, new research argues

Smart city device shipments will increase from 202 million units in 2017 to 1.4 billion units in 2026, according to a research note from IHS Markit.

The company argues that the smart city market is fragmented at present in the type of smart city projects developed, in the technology, in the ecosystem and in the solutions. Players in this market range from small startups to international giants and span a variety of backgrounds, from telecom operators and network vendors to software companies, device manufacturers and connectivity players.

Fragmentation is also seen in a number of competing technologies used for smart city initiatives. These include the proprietary, such as Sigfox, and the standardised, such as 4G and NB-IoT. Long term, few technologies are expected to obtain a leading market share; however, the shakeout process is expected to be long, and multiple technologies that target different use cases and needs will continue to coexist, IHS added.

In order to take the smart city market to the next level, successful business models should leverage an extremely wide ecosystem of possibilities and collaborations to make it happen. IHS Markit notes that most smart city projects remain in the pilot stage with key obstacles which must be addressed before the full development of the market can occur. Business models which promise long-term project sustainability and desired results are a key market challenge.

Considering the present nature of the market, opportunities can be strengthened by leveraging adjacent sectors. Whether through advertising or leveraging mobile network deployments, business models can tap into other revenue streams to monetise a smart city initiative. Smart cities are long-term prospects. Hence, companies and cities involved in the smart city initiative are wise to focus on long-term results. The more smart-city initiatives tackle fundamental issues facing cities and countries, the more they are likely to become essential parts of government and business agendas.

iottechnews.com: Latest from the homepage