The Internet of Things (IoT) is reaching the home and the market opportunities are growing exponentially.
According to market research by The Financial Times, we are demanding and buying increasingly smart, internet aware products in our homes. This is what is meant by “The Internet Of Things”. The graph below shows the anticipated almost exponential growth for this type of technology over the next few years. If global growth meets forecast, by 2020 the market will be worth over $0.5Bn rising to £3.22Bn by 2025.
The products fuelling most of this growth will be consumer electronic devices which make life more convenient for us and many open the door to cloud based services and give access to features in the home from a mobile phone based anywhere in the world with internet access. Increasingly, cloud based services are where the value added is gained but cannot operate without tech products in the home.
Smart lighting systems and heating / climate control makes up another large group of automation products which we want to fit in our homes improving comfort, economy and increasingly eco-awareness. Reducing our carbon footprint at home is becoming another of the reasons to automate.
Safety and security devices are becoming ever more popular where they integrate with a cloud based service to keep home owners informed if things go wrong or need urgent attention.
All this is extremely good news for those in the electronics product development industry. As home owners in the developed world want to harness the power of the internet in their homes they will need equipment to allow them to do so. Prices for such products vary from £40 and upwards for devices such as the Echo dot to well over £1000 pounds for an internet aware fridge for instance. Its expected that every household will soon start to have at least one such device if not several installed. In the UK there are 25million households alone. In the USA there are 126 million. Across Europe there are over 200 million. In Asia, the available technology is catching up fast and the potential market is huge.
All this opportunity requires low cost and reliable electronic technology and Arrow Technical have been at the forefront of developing electronic products which are internet aware for many years. We provide turnkey solutions from bespoke electronics through to cloud based solutions and smart phone apps which integrate together to provide a well-tuned, harmonious system of hardware and software which deploy such technology in the market enabling repetitive revenue streams to be accessed. Low initial acquisition cost and low on-cost to the user is what will access the high volume market potential and high profits that this new technology wave will bring. Smart stylish products which enhance the home, small size, wirelessly connected and battery powered are all individual design requirements and skills we provide at Arrow Technical. We design and manufacture all such products from our base in Sheffield’s Advanced Manufacturing Park.
Get in touch if you have an product idea which you would like to discuss with us.