We are living in the age of the smart home. At the tap and scroll of a smartphone screen, we’re able to dim the lights, close the curtains, and lock the doors. As you may imagine, there are plenty of smart home startups emerging. But how are they helping to change the game?
Smart Home Tech in a Nutshell
Globally, the smart home market is booming. At the time of our writing, it is estimated to be worth more than $99.4 billion worldwide. Penetration as of Q2 2021, globally, rests at 12.2%. That equates to just short of 259 million properties across the planet, considered as ‘smart’ homes.
Smart home technology is no longer a niche interest. From home cinema systems to Alexa and Google Home enabled lighting, the market is growing more accessible. However, this doesn’t mean it is solely the ‘big names’ who are making waves.
This is a hotly contested market for startups across the US, too. The IoT (internet of things), whereby devices communicate with one another via data without human intervention, is growing. It’s not only prevalent in our homes but our workplaces also.
But where can smart home innovation go from here? The occasional Amazon Echo is hardly the peak of the market. Let’s consider some of the most intriguing ventures working in the US sphere today.
Startups Making Homes Smarter
One of the most innovative ways in which smart tech can help changes lives is through cost-cutting. Sense is one of several ventures working to help households take back control of their energy spending.
In particular, Sense uses smart electricity meters which allow users to exert complete oversight. With only a handful of sensors, users can map and track their energy usage over long periods. This may help them to consider unnecessary wastage to help cut down bills and carbon emissions.
However, security is just as big a concern as money for US households. CUJO AI, another home-grown studio, offers a ‘home firewall’ much in the same way you’d protect a PC or Mac. Offering a SaaS model where you can pick and choose security elements, CUJO AI bolsters tech against hackers. Sadly, wherever there is technology, malicious attacks are not too far behind.
The bigger smart home tech providers need innovators like CUJO AI to help cement confidence in the customer base.
Finally, let’s consider Nest Labs. Started in the US before a 2014 Google acquisition, Nest has led the way for self-programming thermostats. Google’s acquisition brought the engineering into their family of technology and innovation, worth $80 million at purchase.
Will Small Tech Prosper?
There is certainly plenty of room for smaller firms to thrive in smart home tech markets. Nest is a great example – as Google, ultimately, saw their potential.
Keen investors, smart home adopters and interested third parties can easily find new tech startups through databases such as Fundz. With the IoT’s net ever-growing, we’re only just getting started.
SOURCES
https://techstartups.com/2019/06/24/12-smart-home-startups-changed-lives/
https://www.cbinsights.com/research/smart-home-market-map-company-list/
https://www.statista.com/topics/2430/smart-homes/
https://thewiredshopper.com/12-smart-home-tech-startups-that-changed-our-lives/
https://www.startus-insights.com/innovators-guide/5-top-smart-home-startups-out-of-550-in-energy/
Topic: Startups
