Google and Amazon have been named the leading smart home solution providers according to latest report by Navigant Research.
The smart home has the potential to revolutionize the way we interact with technology. Smart homes not only respond to and anticipate consumer needs based on learned lifestyle patterns and real-time interactions but also bring benefits to vendors and service providers looking to the smart home to mitigate threats to traditional business models.
“Amazon’s introduction of its Echo devices in 2014 has had an unprecedented effect on the smart home market and the company has yet to slow down, though it now faces challenges around user experience and privacy, as well as more intense competition,” says Paige Leuschner, senior research analyst at Navigant Research. “Google’s similar launch of its Google Home device nearly 2 years later leaves the company trailing Amazon, but that has not deterred Google from catching up and affecting the market.”
The report further divulged that competition in the smart home market is fierce, with a range of companies vying for a leading role. Large tech incumbents, startups, and service providers with an existing residential footprint are all moving into the market in order to better engage and retain customers, increase satisfaction, and generate new revenue streams.
The report, Navigant Research Leaderboard: The Smart Home, reflects the variety and weight of competitors engaged in the smart home market. It examines 15 smart home solutions providers offering comprehensive smart home solutions that include a combination of hardware, software, and services.