How To Monetize The Smart Home Through Smart Home Services
Today’s smart home is one characterized by connected products that aim to bring simplicity to our lives through control and automation of home systems like lighting and access control. Despite the obvious convenience that these products deliver, the market struggles to define additional value propositions to drive mainstream adoption.
Innovation around the broader Internet of Things (IoT) space over the last several years has resulted in a wave of connected technologies, from wearables and smart watches to digital health devices and connected cars. In the home, appliance makers have started to integrate wireless technologies like Bluetooth and Wi-Fi to enable remote monitoring, digital content integration and other value-added features.
The net effect of new connectivity in our “things” has meant an explosion of options for the consumer and the possibility of new revenue streams after the initial sale for product manufacturers. However, the potential of a highly connected consumer for manufacturers, retailers, consumer packaged goods (CPG) companies and service providers is still largely untapped.
The purpose of this report is to analyze the current state of play around connected device monetization and provide a roadmap for defining and executing a monetization strategy for connected devices by integrating services and features beyond the initial purchase.
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