Depending on which analyst you ask, forecasts for Smart Home revenue in 2017 are as high as $61 billion. Some experts estimate that number will increase to $490 billion in 2019.
Yet despite those projections, many consumers and pundits alike challenge the validity and potential of the Smart Home, claiming it’s a fad. While the market is certainly young, it is nonetheless setting the foundation for what will be the next wave of the internet: the Internet of Things. (I compare this point in the Smart Home’s lifecycle to the point in social media’s lifecycle when Facebook was just getting started.)
As a leading entrepreneur in the Smart Home, I see an opportunity for entrepreneurs to positively impact consumers while capturing the growth that is ahead of this industry.