The increasing growth in demand for smart home devices is one of the biggest driving factors for the consumer electronics market today. Statistics show that over $50 billion was spent on smart home devices worldwide by the end of 2018. With the currently developing smart home trends, the worldwide penetration rate is at 7.1% and it’s expected to increase up to 9.5% by the end of 2019. Despite the increased revenue and penetration rate of smart home devices, the technology is still in its early stages of development and adoption.
Early stages of new technology always come with pain points. For instance, one of the pain points of this technology is that there is too much human input needed to make things work. It may be a challenge for some people to set up and operate the different functions of smart home technology. In the end, the pain points make it hard for companies to achieve the goal of making consumers’ lives easier and more convenient.
So the big question is how to truly achieve the goal of convenience through smart home technology? We believe that target market accuracy and timing is the missing puzzle piece.
Undoubtedly, companies are trying their best to come up with the best device through continuous improvement and innovation. However, pushing a great device to the wrong market at the wrong time may create more problems than solutions. Providing support such as instalment services and trying to educate the market may be a way forward, but knowing when it’s the right time to push a device to the right market will make a big difference
So how can we identify the right market conditions to leverage? If you’d like to know more, please contact Nimrod.