The growth of smart home devices and interest by consumers is monumental. As we are reaching a tipping point for some exponential growth of the smart home market, as discussed in this article, the opportunity for businesses is huge. One recent prediction of this opportunity has been made by Pablo Tomasi, a senior analyst at ABI Research.
Communication service providers (CSPs) are expected to be one of the biggest winners as they will be able to offer unique product offerings. ABI Research is estimating that the CSPs share in the smart home market could be worth $11.2 billion by 2022. This is mostly going to be driven by firms such as Telefonica developing competitive AI assistants to combat the likes of Amazons Alexa. In fact, firms like Telefonica are already making significant moves in this area with their own artificial intelligence called AURA, launched earlier this year.
CSPs need to capitalize on this now as the forward growth of their smart home product ranges depends on the integration of their existing products. Wait too late and they may be out of the game.